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SMM Aluminum Market Morning Review (2014-4-24)
Apr 24,2014 09:29CST
price review forecast
Source:SMM
HSBC’s flash China manufacturing PMI for April, though snapping five consecutive months of declines, rose only slightly, offering limited upward momentum to LME aluminum.

SHANGHAI, Apr. 24 (SMM) –HSBC’s flash China manufacturing PMI for April, though snapping five consecutive months of declines, rose only slightly, offering limited upward momentum to LME aluminum. LME aluminum climbed to USD 1,897.3/mt during the Asian hours after opening at USD 1,893/mt on Wednesday. US new home sales and manufacturing PMI both fell, dampening market sentiment. As a consequence, the light metal drifted lower to USD 1,868.3/mt before closing down USD 18.5/mt at USD 1,871.5/mt. Trading volumes dropped 461 lots to 10,776 lots, but positions added 992 lots to 872,502 lots. 

On Wednesday night, SHFE 1407 aluminum contract crept higher to RMB 13,610/mt after starting at RMB 13,430/mt, and finished the night session at RMB 13,550/mt. Trading volumes totaled 29,812 lots, and positions added 4,904 lots to 121,700 lots.

The most active SHFE aluminum contract is expected to fluctuate between RMB 13,500-13,600/mt on Thursday. In China’s physical market, spot discounts of RMB 120-160/mt are expected over SHFE 1405 aluminum contract. 


 

LME aluminum prices
SHFE aluminum prices

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