SMM Aluminum Market Morning Review (2013-10-28)

Price Review & Forecast 09:53:44AM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – LME aluminum started last Friday at USD 1,863/mt. The light metal moved in a tight range, but rose to USD 1,889/mt in late-trade hours as US durable goods orders rose 3.7% in September and as sharp declines in Consumer Confidence Index in October sparked speculation that the US Federal Reserve will delay QE3 taper. Trading volumes increased 1,163 lots to 10,932 lots, and positions also added 4,489 lots to 744,856 lots. LME aluminum inventories grew 1,275 mt to 5,397,300 mt.  

SHFE 1401 aluminum contract, the most active one, is expected to open higher at RMB 14,375/mt on Monday and fluctuate between RMB 14,350-14,420/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum  

SMM Aluminum Market Morning Review (2013-10-28)

Price Review & Forecast 09:53:44AM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – LME aluminum started last Friday at USD 1,863/mt. The light metal moved in a tight range, but rose to USD 1,889/mt in late-trade hours as US durable goods orders rose 3.7% in September and as sharp declines in Consumer Confidence Index in October sparked speculation that the US Federal Reserve will delay QE3 taper. Trading volumes increased 1,163 lots to 10,932 lots, and positions also added 4,489 lots to 744,856 lots. LME aluminum inventories grew 1,275 mt to 5,397,300 mt.  

SHFE 1401 aluminum contract, the most active one, is expected to open higher at RMB 14,375/mt on Monday and fluctuate between RMB 14,350-14,420/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts. 

 

Key Words:  LME aluminum   SHFE aluminum