31 AUGUST 2015Shanghai Metal Market
SMM aluminum market morning review
Edited by : AL CIRCLE
1 min read
European and US stock markets rebounded last Friday. This, combined with appreciation of yuan, cheered market up. As such, LME aluminum rose from USD 1,560/mt to USD 1,616/mt. The light metal, though falling back later in the day, still ended up USD 48/mt or 3.08% at USD 1,605/mt. Trading volumes were up 4,149 lots to 19,127 lots, and positions were down 9,440 to 845,000.
SHFE 1511 aluminum found solid support at the 10-day moving average and approached the 20-day moving average. With the LME market closed on holiday today, the most active SHFE aluminum contract should be range-bound between RMB 11,940-12,020/mt on Monday. In China’s spot market, restocking demand before the upcoming three-day holiday should leave spot discounts at RMB 100-60/mt over SHFE 1509 aluminum contract.
SHFE 1511 aluminum found solid support at the 10-day moving average and approached the 20-day moving average. With the LME market closed on holiday today, the most active SHFE aluminum contract should be range-bound between RMB 11,940-12,020/mt on Monday. In China’s spot market, restocking demand before the upcoming three-day holiday should leave spot discounts at RMB 100-60/mt over SHFE 1509 aluminum contract.
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