Home / Metal News / Nickel / SMM Aluminum Market Morning Review (2014-3-24)
SMM Aluminum Market Morning Review (2014-3-24)
Mar 24,2014 09:08CST
price review forecast
Source:SMM
LME aluminum slid to USD 1,705.5/mt after opening at USD 1,716/mt last Friday.

SHANGHAI, Mar. 24 (SMM) – LME aluminum slid to USD 1,705.5/mt after opening at USD 1,716/mt last Friday. The light metal, however, rebounded to USD 1,730.5/mt as the closing bell approached before ending up USD 15/mt at USD 1,729/mt. Trading volumes dropped 3,190 lots to 12,414 lots, while positions added 11,969 lots to 802,024 lots. 

SHFE 1406 aluminum contract started last Friday’s night session at RMB 12,785/mt before drifting lower to RMB 12,700/mt, and closed at RMB 12,750/mt.  Trading volumes totaled 13,682 lots, and positions gained 2,464 lots to 122,154 lots.

HSBC’s China manufacturing PMI for March will be in focus today. The most active SHFE aluminum contract should move between RMB 12,730-12,830/mt on Monday. In China’s physical market, tightening liquidity at the quarter’s end will cool down demand, with spot discounts of RMB 230-270/mt expected over SHFE 1404 aluminum contract prices.            


 

LME aluminum prices
SHFE aluminum prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news