Author：Site  Source：Original Site  Click to rate：1390  Post time：2014-03-03

Tags: LME aluminum prices,  SHFE aluminum prices,aluminium circle

SHANGHAI, Mar. 3 (SMM) – LME aluminum started last Friday at USD 1,770/mt, finding day’s high of USD 1,773.5/mt and day’s low of USD 1,742/mt. The euro zone’s preliminary CPI data for February were much better than expected, pushing the euro up against the US dollar. US GDP growth in Q4 2013 was revised down, sending the US dollar index down below 79. However, LME aluminum drew no support, ending the day USD 19.3/mt or 1.09% lower at USD 1,750.8/mt. Trading volumes were up 1,996 lots to 11,850 lots, and positions also added 7,599 lots to 782,244 lots.

SHFE 1405 aluminum contract followed LME aluminum down to RMB 13,310/mt after opening last Friday’s night session at RMB 13,360/mt, and closed at RMB 13,320/mt. 3,354 lots were traded during the night hours, and positions added 546 lots to 93,230 lots.

China’s official manufacturing PMI for February slid for a third straight month. HSBC’s China manufacturing PMI, due to be announced today, is expected to come in negative as well. In this scenario, the most active SHFE aluminum contract should move lower to RMB 13,320-13,380/mt on Monday. In China’s physical market, spot aluminum should trade at discounts of RMB 200-240/mt over SHFE 1403 aluminum contract prices.       

from metal.com