Home / Metal News / Precious Metals / SMM Aluminum Market Morning Review (2014-6-11)
SMM Aluminum Market Morning Review (2014-6-11)
Jun 11,2014 09:37CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange fell back to USD 1,897/mt after climbing to USD 1,911.8/mt on Tuesday, weighed down by downbeat Chinese PPI data in May.

SHANGHAI, Jun. 11 (SMM) – Three-month aluminum on the London Metal Exchange fell back to USD 1,897/mt after climbing to USD 1,911.8/mt on Tuesday, weighed down by downbeat Chinese PPI data in May. Expectations for interest rate hike were running high due to the US Federal Reserve’s optimism over the US economy outlook, dragging the light metal down further to USD 1,886.5/mt. Finally, three-month aluminum on the LME shed USD 16/mt to close at USD 1,896/mt. Trading volumes contracted 6,985 lots to 16,981 lots, with positions up 9,242 lots to 910,308 lots.

On Tuesday night, SHFE 1408 aluminum contract crept higher to RMB 13,700/mt after starting at RMB 13,595/mt, and finished the night session at RMB 13,665/mt. Trading volumes totaled 122,274 lots, with positions up 9,242 lots to 183,580 lots. 

The most active SHFE aluminum contract should fluctuate between RMB 13,600-13,700/mt on Wednesday. In China’s physical market, spot discounts of RMB 70-110/mt are expected over SHFE 1406 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