SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1179 Post time：2015-03-11
SHANGHAI, Mar. 11 (SMM) – China’s February CPI rebounded from a 5-year low, which was widely believed to be driven by the holiday factor. China’s February PPI continued to fall from a month ago. The country’s M2 growth hit record low in January. But market reaction to these figures was mild during the Asian trading hours. LME aluminum fell to USD 1,761/mt in European trading session as the US dollar strengthened, and closed down USD 16/mt at USD 1,770/mt. Trading volumes increased 30 lots to 11,244 lots, with positions up 7,340 to 829,479.
SHFE 1505 aluminum contract inched up after starting Tuesday’s night session at RMB 12,880/mt. The most active contract ended at RMB 12,890/mt. Trading volumes totaled 10,868 lots, with positions down 544 to 122,694.
Today will see the release of China’s industrial value-added and fixed investment. The most active SHFE aluminum contract should inch down to RMB 12,860-12,910/mt on Wednesday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 110-150/mt over SHFE 1503 aluminum contract.
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