SMM Aluminum Market Morning Review (2015-7-9)

Publié: Jul 09, 2015 09:34 (GMT+8)
LME aluminum hit a new low of USD 1,631.5/mt after opening at USD 1,673/mt on Wednesday.

SHANGHAI, Jul. 9 (SMM) – LME aluminum hit a new low of USD 1,631.5/mt after opening at USD 1,673/mt on Wednesday. But the light metal ten rallied to end at USD 1,671/mt. Trading volumes were down 3,340 lots to 17,688 lots. It was reported that Greece has submitted three-year bailout proposal to European Stability Mechanism. The minutes of the US Fed’s June meeting showed that most Fed officials wish to see more economic indicators before deciding whether to raise interest rate or not. This pulled the US dollar index down. Chinese government continued to release measures to cope with plunging stock market.  

On Wednesday night, SHFE 1509 aluminum opened at RMB 12,155/mt. The contract rose to RMB 12,345/mt on short-covering, and ended the night session at RMB 12,270/mt. Trading volumes totaled 43,338 lots, and positions were down 10,728 to 122,274.

SHFE 1509 aluminum contract will face technical correction after sharp falls, but any possible upside should be limited as longs are cautious about entering. The contract is expected to range RMB 12,240-12,340/mt on Thursday. In China’s spot market, falling prices will discouraged selling, so spot discounts should narrow to RMB 40-80/mt over SHFE 1507 aluminum contract.

    


Déclaration sur la source des données : À l'exception des informations publiques, toutes les autres données sont traitées par SMM sur la base d'informations publiques, d'échanges avec le marché et en s'appuyant sur le modèle de base de données interne de SMM. Ils sont fournis à titre indicatif uniquement et ne constituent pas des recommandations décisionnelles.

Pour toute demande d'information ou pour en savoir plus, veuillez contacter : lemonzhao@smm.cn
Pour plus d'informations sur l'accès à nos rapports de recherche, veuillez contacter :service.en@smm.cn