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SMM Aluminum Market Morning Review (2014-7-2)
Jul 2,2014 09:41CST
price review forecast
Source: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.

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

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