01 JULY 2016Shanghai Metals Market
LME aluminium to move wildly, SHFE 1608 aluminium jumps on tumbling stocks
Edited by : AL CIRCLE
1 min read
Manufacturing PMIs from major economies to be released today will leave LME aluminium moving in a wide range of USD 1,635-1,660/mt.
SHFE 1608 aluminium will challenge previous highs and move at RMB 12,600-12,800/mt. On Wednesday’s (June 29) night trading, SHFE 1608 aluminium dipped to RMB 12,320/mt after opening at RMB 12,360/mt. But prices then quickly returned to RMB 12,480/mt before ending at RMB 12,420/mt.
On Thursday, SHFE 1608 aluminium opened at RMB 12,425/mt. Prices rose to RMB 12,575/mt after SMM data showed aluminium stocks in China’s five major markets fell another 50,000 mt. Finally, the most active contract closed at RMB 12,530/mt. Positions were down 4,310 to 164,724. SHFE aluminium will remain strong in the short term on falling stocks and loose monetary policy.
In China’s spot aluminium market, spot premiums of RMB 60-100/mt are expected over SHFE 1607 aluminium contract.
SHFE 1608 aluminium will challenge previous highs and move at RMB 12,600-12,800/mt. On Wednesday’s (June 29) night trading, SHFE 1608 aluminium dipped to RMB 12,320/mt after opening at RMB 12,360/mt. But prices then quickly returned to RMB 12,480/mt before ending at RMB 12,420/mt.
On Thursday, SHFE 1608 aluminium opened at RMB 12,425/mt. Prices rose to RMB 12,575/mt after SMM data showed aluminium stocks in China’s five major markets fell another 50,000 mt. Finally, the most active contract closed at RMB 12,530/mt. Positions were down 4,310 to 164,724. SHFE aluminium will remain strong in the short term on falling stocks and loose monetary policy.
In China’s spot aluminium market, spot premiums of RMB 60-100/mt are expected over SHFE 1607 aluminium contract.
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