Home / Metal News / Copper / SMM Aluminum Market Morning Review (2014-4-30)
SMM Aluminum Market Morning Review (2014-4-30)
Apr 30,2014 09:25CST
price review forecast
Source:SMM
LME aluminum crept higher to USD 1,838/mt after opening at USD 1,829.5/mt on Tuesday.

SHANGHAI, Apr. 30 (SMM) – LME aluminum crept higher to USD 1,838/mt after opening at USD 1,829.5/mt on Tuesday. The light metal, however, retreated to USD 1,810.8/mt later in the day due to mixed US economic data, growing inventories and caution before key events. LME aluminum closed the day USD 16.7/mt lower at USD 1,817.3/mt. Trading volumes increased 3,272 lots to 15,104 lots, but positions contracted 315 lots to 87,046 lots. 

On Tuesday night, SHFE 1407 aluminum contract drifted lower after starting at RMB 13,445/mt, and finished the night session at RMB 13,395/mt. Trading volumes totaled 14,282 lots, and positions increased 536 lots to 117,066 lots.

Pre-holiday risk aversion sentiment should send the most active SHFE aluminum contract down to RMB 13,360-13,420/mt on Wednesday. In China’s physical market, spot discounts of RMB 0-40/mt are expected over SHFE 1405 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