SMM Aluminum Market Morning ReviewAuthor:Site Source:Original Site Click to rate:1064 Post time:2015-01-15
Tags: LME aluminum prices, aluminium sheet, SHFE aluminum prices
SHANGHAI, Jan. 15 (SMM) – LME aluminum fell to USD 1,757/mt after opening at USD 1,783/mt on Wednesday, as discouraging US economic data triggered concerns over global economic growth. However, the Beige Book released later in the day points to strong US economy, helping restore market confidence. In this context, crude rebounded and LME aluminum climbed to USD 1,797/mt before closing at USD 1,775.25/mt. Trading volumes increased 1,874 lots to 19,172 lots, with positions down 1,464 to 800,588.
On Wednesday night, SHFE 1503 aluminum contract slid to RMB 12,700/mt after starting at RMB 13,005/mt, and finished the night session at RMB 12,700/mt. Trading volumes totaled 51,898 lots, with positions down 7,164 to 148,024.
The most active SHFE aluminum contract should move between RMB 12,650-12,750/mt on Thursday, pressured by technical resistance and weakness in other base metals. In China’s spot market, spot discounts of RMB 0-40/mt are expected over SHFE 1501 aluminum contract.
from metal.com