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SMM Aluminum Market Morning Review (2014-7-1)
Jul 1, 2014 09:45 Three-month aluminum on the London Metal Exchange opened at USD 1,884.3/mt on Monday before dropping to USD 1,870.8/mt.
SHANGHAI, Jul. 1 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,884.3/mt on Monday before dropping to USD 1,870.8/mt. The light metal, however, rebounded to USD 1,902/mt later in the day on encouraging pending sales of existing homes in the US in May. Finally, three-month aluminum on the LME ended up USD 3/mt at USD 1,887/mt. Trading volumes gained 5,192 lots to 11,992 lots, with positions off 5,329 lots to 892,000 lots.
On Monday night, SHFE 1409 aluminum contract climbed to RMB 13,565/mt after starting at RMB 13,490/mt, and finished the night session at RMB 13,540/mt. Trading volumes totaled 33,186 lots, with positions up 2,278 lots to 150,772 lots.
The most active SHFE aluminum contract is expected to rise to RMB 13,520-13,570/mt on Tuesday due to optimism over China’s official manufacturing PMI to be released today. In China’s physical market, spot discounts of RMB 60-100/mt are expected over SHFE 1407 aluminum contract.
LME aluminum prices
SHFE aluminum prices
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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