SMM Aluminum Market Morning Review (2013-10-21)

Price Review & Forecast 09:20:02AM Oct 21, 2013 Source:SMM

SHANGHAI, Oct. 21 (SMM) – LME aluminum opened at USD 1,850.3/mt last Friday. The light metal advanced to USD 1,963.3/mt on positive Chinese economic indicators, but gains were limited as markets were worried that the accelerated growth in Chinese economy may be short-lived. LME aluminum dipped to USD 1,840.3/mt during European trading session on concerns over economic losses of the US caused by government shutdown before closing down USD 9.5/mt or 0.51% at USD 1,842.5/mt. Trading volumes dropped 1,021 lots to 8,401 lots, while positions also decreased 10,974 lots to 747,445 lots.

SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,375/mt on Monday and fluctuate between RMB 14,350-14,400/mt. SHFE 1401 aluminum contracts may shift to the most active contract today. In spot markets, a premium of RMB 0-40/mt is expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum  

SMM Aluminum Market Morning Review (2013-10-21)

Price Review & Forecast 09:20:02AM Oct 21, 2013 Source:SMM

SHANGHAI, Oct. 21 (SMM) – LME aluminum opened at USD 1,850.3/mt last Friday. The light metal advanced to USD 1,963.3/mt on positive Chinese economic indicators, but gains were limited as markets were worried that the accelerated growth in Chinese economy may be short-lived. LME aluminum dipped to USD 1,840.3/mt during European trading session on concerns over economic losses of the US caused by government shutdown before closing down USD 9.5/mt or 0.51% at USD 1,842.5/mt. Trading volumes dropped 1,021 lots to 8,401 lots, while positions also decreased 10,974 lots to 747,445 lots.

SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,375/mt on Monday and fluctuate between RMB 14,350-14,400/mt. SHFE 1401 aluminum contracts may shift to the most active contract today. In spot markets, a premium of RMB 0-40/mt is expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum