Home / Metal News / SMM Aluminum Market Morning Review (2014-4-10)

SMM Aluminum Market Morning Review (2014-4-10)

iconApr 10, 2014 09:27
Source:SMM
The US Federal Reserve maintained a dovish tone.

SHANGHAI, Apr. 10 (SMM) – The US Federal Reserve maintained a dovish tone. It was reported that Alcoa expected aluminum supply to tighten. In this scenario, LME aluminum jumped to USD 1,860/mt after opening at USD 1,823/mt on Wednesday. Finally, the light metal closed the day up USD 33.7/mt or 2.01% at USD 1,857/mt. Trading volumes surged 5,898 lots to 18,469 lots, but positions decreased 2,115 lots to 863,461 lots. 

On Wednesday night, SHFE 1406 aluminum contract followed LME aluminum up to RMB 13,220/mt after starting at RMB 13,050/mt, and finished the night session at RMB 13,180/mt. Trading volumes grew to 19,196 lots, and positions soared 3,558 lots to 126,880 lots.

China’s foreign trade data is eyed today. Investors may take profits at highs, leaving the most active SHFE aluminum contract moving between RMB 13,120-13,220/mt on Thursday. In China’s physical market, spot discounts of RMB 160-200/mt are expected over SHFE 1404 aluminum contract.            


 

LME aluminum prices
SHFE aluminum prices

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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

Related news