SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1182 Post time：2015-03-09
SHANGHAI, Mar. 9 (SMM) – US non-farm payrolls increased a surprise 295,000, pushing the US dollar index to a 1-1/2-year high and strengthened expectations for an early interest rate hike. As such, LME aluminum fell to USD 1,774.5/mt after opening last Friday at USD 1,801/mt. Finally, LME aluminum ended at USD 1,782/mt. Trading volumes increased 3,989 lots to 11,925 lots, with positions up 2,062 to 826,086.
SHFE 1505 aluminum contract started last Friday’s night session at RMB 12,950/mt. The most active contract dropped to RMB 12,880/mt before closing at RMB 12,945/mt. Trading volumes totaled 13,326 lots, with positions up 4,372 to 125,608.
Poor China’s foreign trade data and market fundamentals should leave the most active SHFE aluminum contract at current lows of RMB 12,900-12,950/mt on Monday. In China’s spot market, supply glut will cause spot aluminum to trade at discounts of RMB 90-130/mt over SHFE 1503 aluminum contract.
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