Home / Metal News / Lead / SMM Aluminum Market Morning Review (2014-4-16)
SMM Aluminum Market Morning Review (2014-4-16)
Apr 16,2014 09:12CST
price review forecast
Source:SMM
On Tuesday, LME aluminum crept up to USD 1,879.5/mt before immediately falling back to USD 1,841/mt.

SHANGHAI, Apr. 16 (SMM) – On Tuesday, LME aluminum crept up to USD 1,879.5/mt before immediately falling back to USD 1,841/mt on surprising fall in New York Fed’s manufacturing index for April, growing tensions over the Ukraine crisis and concerns over China slowdown. Finally, the light metal ended the day down USD 27.5/mt or 1.46% at USD 1,851.5/mt. Trading volumes added 7,022 lots to 16,529 lots, and positions also increased 6,331 lots to 900,330 lots. 

On Tuesday night, SHFE 1406 aluminum contract climbed above the 5-day moving average after starting at RMB 13,150/mt, and finished the night session at RMB 13,180/mt. Trading volumes totaled 6,576 lots, and positions contracted 300 lots to 122,252 lots.

Markets are bearish toward China’s Q1 GDP data due for release today. The most active SHFE aluminum contract should fluctuate between RMB 13,150-13,200/mt on Wednesday. In China’s physical market, spot discounts of RMB 120-160/mt are expected over SHFE 1404 aluminum contract.            


 

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