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SMM Aluminum Market Morning Review (2014-3-17)
Mar 17, 2014 09:24Source:SMM
Investors were cautious ahead of the result of Crimea’s referendum.
SHANGHAI, Mar. 17 (SMM) – Investors were cautious ahead of the result of Crimea’s referendum. LME aluminum opened at USD 1,741/mt last Friday. The light metal moved lower to USD 1,729/mt before rebounding to end USD 3.9/mt higher at USD 1,739/mt. Trading volumes tumbled 6,013 lots to 9,723 lots, while positions surged 4,828 lots to 790,550 lots.
SHFE 1406 aluminum contract started and closed last Friday’s night session at RMB 13,160/mt and RMB 13,155/mt, respectively. Trading volumes during the night hours totaled 2,730 lots, and positions added 228 lots to 106,490 lots.
Market caution amid uncertainty over the Ukraine crisis will keep the most active SHFE aluminum contract in a RMB 13,130-13,200/mt range on Monday. In China’s physical market, spot discounts are expected between RMB 200-240/mt over SHFE current-month aluminum contract prices.
LME aluminum prices
SHFE aluminum prices
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