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SMM Aluminum Market Morning Review (2014-6-23)
Jun 23,2014 09:02CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange opened at USD 1,887/mt last Friday.

SHANGHAI, Jun. 23 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,887/mt last Friday. The light metal climbed to USD 1,898/mt, but then fell back to USD 1,874/mt due to risk aversion ahead of the weekend before ending at USD 1,887.8/mt. Trading volumes dropped 3,913 lots to 886,317 lots, with positions up 2,952 lots to 11,740 lots.          

Last Friday night, SHFE 1408 aluminum contract slipped to RMB 13,475/mt after starting at RMB 13,535/mt , and finished the night session at RMB 13,505/mt. Trading volumes totaled 35,770 lots, with positions off 2,150 lots to 136,276 lots.  

Markets will be cautious before HSBC releases China’s flash manufacturing PMI for June today. The most active SHFE aluminum contract should fluctuate between RMB 13,470-13,520/mt on Monday. In China’s physical market, spot discounts of RMB 70-110/mt are expected over SHFE 1407 aluminum contract.                        

 
 
 
 
LME aluminum prices
SHFE aluminum prices

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