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SMM Aluminum Market Morning Review (2014-6-16)
Jun 16,2014 09:29CST
price review forecast
Source:SMM
Mixed economic data caused three-month aluminum on the London Metal Exchange to give back some gains after rising at first.

SHANGHAI, Jun. 16 (SMM) – Mixed economic data caused three-month aluminum on the London Metal Exchange to give back some gains after rising at first. China’s industrial output and retail sales data for May matched forecasts, easing worries over a China slowdown. However, PPI in the US fell by a surprise 0.2% in May and Consumer Confidence Index in June dropped to the lowest since this March. In this scenario, three-month aluminum on the LME advanced to USD 1,856/mt after opening at USD 1,841/mt last Friday, but then surrendered some gains to end up USD 4.3/mt at USD 1,843.3/mt. Trading volumes contracted 5,754 lots to 8,907 lots, with positions off 694 lots to 924,000 lots. 

Last Friday night, SHFE 1408 aluminum contract crept higher to RMB 13,510/mt after starting at RMB 13,460/mt, and finished the night session at RMB 13,490/mt. Trading volumes totaled 48,866 lots, with positions up 1,768 lots to 157,722 lots. 
 
US industrial output data for May is eyed today. The most active SHFE aluminum contract should fluctuate between RMB 13,460-13,510/mt on Monday. In China’s physical market, spot discounts are expected to narrow to RMB 40-80/mt over SHFE 1406 aluminum contract since SHFE 1407 aluminum contracts will switch to the new front-month contract tomorrow.                        
 
 
 
 
LME aluminum prices
SHFE aluminum prices

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