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Home / Metal News / SMM Aluminum Market Morning Review (2014-7-2)

SMM Aluminum Market Morning Review (2014-7-2)

iconJul 2, 2014 09:41
Three-month aluminum on the London Metal Exchange rose to USD 1,898/mt on Tuesday as China’s official manufacturing PMI for June and HSBC’s China manufacturing PMI were both positive.

SHANGHAI, Jul. 2 (SMM) – Three-month aluminum on the London Metal Exchange rose to USD 1,898/mt on Tuesday as China’s official manufacturing PMI for June and HSBC’s China manufacturing PMI were both positive. However, the light metal fell back to USD 1,871.3/mt following disappointing manufacturing PMI from the euro zone and the US. Finally, three-month aluminum on the LME ended at USD 1,882/mt. Trading volumes shrank 1,514 lots to 13,506 lots, with positions up 798 lots to 892,000 lots.          

On Tuesday night, SHFE 1409 aluminum contract started at RMB 13,550/mt. The most active contract touched a session high of RMB 13,575/mt and session low of RMB 13,530/mt before finishing at RMB 13,545/mt. Trading volumes totaled 25,522 lots, with positions down 2,322 lots to 147,968 lots.  

The most active SHFE aluminum contract is expected to fluctuate between RMB 13,520-13,570/mt on Wednesday. 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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