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SMM Aluminum Market Morning Review (2013-9-3)

iconSep 3, 2013 09:47
Source:SMM
LME aluminum opened at USD 1,819/mt on Monday before climbing to USD 1,836/mt on positive China manufacturing PMI.

SHANGHAI, Sept. 3 (SMM) – LME aluminum opened at USD 1,819/mt on Monday before climbing to USD 1,836/mt on positive China manufacturing PMI. However, LME aluminum dipped to USD 1,812/mt after the announcement of a series of manufacturing data in the euro zone, but did bounce back to USD 1,841/mt at the tail of the session. Finally, LME aluminum ended the day USD 22.5/mt or higher at USD 1,838/mt. Trading volumes contracted 5,023 lots to 13,152 lots, while positions increased 3,031 lots to 738,653 lots. LME aluminum inventories dropped 7,875 mt to 5,392,475 mt. 

Rising LME aluminum will push SHFE 1312 aluminum contract higher to RMB 14,300-14,360/mt after opening at RMB 14,320/mt on Tuesday. In spot markets, suppliers will demand high prices, with a contango of RMB 0-10/mt and a backwardation of RMB 0-30/mt expected over SHFE 1309 aluminum contract. 
 

latest LME aluminum prices
SHFE aluminum prices

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