25 SEPTEMBER 2015Shanghai Metal Market
SMM aluminum market morning review (2015-9-25)
Edited by : AL CIRCLE
1 min read
Aluminum at London Metal Exchange (LME) opened at USD 1,573/mt on Thursday, September 25. The light metal touched day’s high of USD 1,588/mt and day’s low of USD 1,570/mt. Finally, LME aluminum ended up USD 1/mt at USD 1,579/mt, helped by rising gold prices. Trading volumes were down 924 lots, and positions were up 3,619 to 822,000.
On Thursday night, SHFE 1512 aluminum drifted higher after opening lower at RMB 11,765/mt, but failed to break through the 5-day and 10-day moving averages. The most active contract should move between RMB 11,800-11,900/mt on Friday, checked by pre-holiday risk aversion. In China’s spot market, pre-holiday stocking demand will remain strong, with spot discounts of RMB 0-40/mt expected over SHFE 1510 aluminum contract.
On Thursday night, SHFE 1512 aluminum drifted higher after opening lower at RMB 11,765/mt, but failed to break through the 5-day and 10-day moving averages. The most active contract should move between RMB 11,800-11,900/mt on Friday, checked by pre-holiday risk aversion. In China’s spot market, pre-holiday stocking demand will remain strong, with spot discounts of RMB 0-40/mt expected over SHFE 1510 aluminum contract.
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