15 OCTOBER 2015Shanghai Metal Market
SMM aluminum market morning review
Edited by : AL CIRCLE
1 min read
Aluminum on London Metal Exchange (LME) hovered around the 5-day moving average after opening at USD 1,593/mt on October 14, Wednesday, hitting a session low of USD 1,581.5/mt. But LME aluminum rallied later as gold prices jumped and the US dollar index fell back. Finally, the light metal ended up USD 3/mt at USD 1,595/mt. Trading volumes were down 4,209 lots to 8,834 lots, and positions were up 6,222 to 826,000.
On Wednesday night, SHFE 1512 aluminum stabilized above RMB 11,300/mt, supported by weaker US dollar and rally of LME aluminum. SHFE 1510 aluminum has fallen to RMB 11,250/mt on production resumptions at some smelters and expectations for lower power costs. SHFE 1512 aluminum should move between RMB 11,310-11,390/mt on Thursday. In China’s spot market, abundant supply will leave suppliers in a rush to sell, and spot discounts of RMB 0-40/mt are expected over SHFE 1510 aluminum contract.
On Wednesday night, SHFE 1512 aluminum stabilized above RMB 11,300/mt, supported by weaker US dollar and rally of LME aluminum. SHFE 1510 aluminum has fallen to RMB 11,250/mt on production resumptions at some smelters and expectations for lower power costs. SHFE 1512 aluminum should move between RMB 11,310-11,390/mt on Thursday. In China’s spot market, abundant supply will leave suppliers in a rush to sell, and spot discounts of RMB 0-40/mt are expected over SHFE 1510 aluminum contract.
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