Metals News
SMM Aluminum Market Morning Review (2014-8-1)
price review forecast
09:53AM
Source:SMM
SHANGHAI, Aug. 1 (SMM) – On Thursday, three-month aluminum on the London Metal Exchange inched up to USD 2,035/mt after opening at USD 2,022/mt, but then fell to USD 1,988/mt. The price was dragged down by worse-than-expected US economic data, second default by Chinese SME, as well as Argentina sovereign default. Finally, the light metal ended USD 31.8/mt lower at USD 1,990.3/mt. Trading volumes added 806 lots to 16,473 lots, with position up 4,195 lots to 922,601 lots. Inventories increased to 4,968,700 mt.  
 
On Thursday night, SHFE 1410 aluminum contract climbed to RMB 14,175/mt after starting at RMB 14,135/mt, but then fell back to finish the night session at RMB 14,015/mt. Trading volumes totaled 84,826 lots, with positions down 1,182 lots to 159,358 lots.  
 
The most active SHFE aluminum contract retreated to near RMB 14,000/mt overnight, but room for further decline should be limited today due to optimism over today’s release of China manufacturing PMI and strong support at the bottom. Prices are expected between RMB 14,000-14,080/mt on Friday. In China’s physical market, spot discounts of RMB 20-60/mt are expected over SHFE 1408 aluminum contract. 
                       
 
 
 
LME aluminum prices
SHFE aluminum prices
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