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SMM Aluminum Market Morning Review (2014-3-11)
Mar 11,2014 09:21CST
price review forecast
Source:SMM
LME aluminum opened at USD 1,779/mt on Monday before sliding to USD 1,740/mt during the Asian trading hours as China’s first domestic corporate bond default continued to dampen investor sentiment.

SHANGHAI, Mar. 11 (SMM) – LME aluminum opened at USD 1,779/mt on Monday before sliding to USD 1,740/mt during the Asian trading hours as China’s first domestic corporate bond default continued to dampen investor sentiment. The light metal, however, climbed to USD 1,780/mt when the closing bell approached as the US dollar index hit a ceiling after touching 79.75. Finally, LME aluminum ended the day up USD 12/mt or 0.68% at USD 1,777.5/mt. Trading volumes decreased 6,116 lots to 15,395 lots, while positions surged 8,567 lots to 815,011 lots.

SHFE 1406 aluminum contract crept higher to RMB 13,220/mt after starting Monday’s night session at RMB 13,160/mt, and finally ended at RMB 13,200/mt. Trading volumes during the night hours totaled 6,382 lots, and positions added 118 lots to 103,112 lots.

Quiet macro font should leave the most active SHFE aluminum contract range-bound between RMB 13,170-13,220/mt on Tuesday. In China’s physical market, spot discounts are expected between RMB 180-220/mt over SHFE 1403 aluminum contract prices.            
 

 

LME aluminum prices
SHFE aluminum prices

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