SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1351 Post time：2015-03-06
SHANGHAI, Mar. 6 (SMM) – LME aluminum slipped to USD 1,793.5/mt after opening at USD 1,803.5/mt on Thursday. Chinese Premier Li Keqiang said in government work report that China will step up infrastructure construction, helping push LME aluminum up to USD 1,817/mt. However, LME aluminum pared gains later as the US dollar index climbed above 96, and ended down USD 3.5/mt at USD 1,798/mt. Trading volumes totaled 7,936 lots, with positions up 2,062 to 821,920.
SHFE 1505 aluminum contract started Thursday’s night session at RMB 12,985/mt. The most active contract climbed to RMB 13,020/mt, but then fell to close at RMB 12,970/mt. Trading volumes totaled 6,158 lots, with positions up 286 to 121,304.
Chinese Premier Li Keqiang’s government work report cheered market up, but poor market fundamentals will curb gains, with the most active SHFE aluminum contract expected between RMB 12,900-12,960/mt on Friday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 80-120/mt over SHFE 1503 aluminum contract.
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