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SMM Aluminum Market Morning Review (2014-6-17)
Jun 17, 2014 09:27Source:SMM
Three-month aluminum on the London Metal Exchange opened at USD 1,843/mt on Monday before rising to USD 1,857/mt.
SHANGHAI, Jun. 17 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,843/mt on Monday before rising to USD 1,857/mt, spurred by targeted RRR cuts by China’s central bank, rising New York Fed’s manufacturing index and US industrial output. The light metal closed the day at USD 1,855.3/mt. Trading volumes grew 6,255 lots to 930,561 lots, with positions off 894 lots to 8,013 lots.
On Monday night, SHFE 1408 aluminum contract crept higher to RMB 13,500/mt after starting at RMB 13,450/mt, and finished the night session at RMB 13,450/mt. Trading volumes totaled 28,222 lots, with positions up 1,838 lots to 153,424 lots.
Markets will stay cautious before the US Fed announces its policy decision. The most active SHFE aluminum contract should fluctuate between RMB 13,430-13,490/mt on Tuesday. In China’s physical market, spot discounts are expected to widen to RMB 80-120/mt over SHFE 1407 aluminum contract – the new front-month contract.
LME aluminum prices
SHFE aluminum prices
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