SMM Aluminum Market Morning Review (2014-8-14)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Copper
  • Nickel
  • Copper scrap
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Evening comments
  • Tin
  • Market commentary
  • Production data
  • inventory

SMM Aluminum Market Morning Review (2014-8-14)

Price Review & Forecast 09:45:47AM Aug 14, 2014 Source:SMM
SHANGHAI, Aug. 14 (SMM) – Three-month aluminum on the London Metal Exchange dropped to USD 2,027.3/mt after opening at USD 2,050/mt on Wednesday. The price decline was the result of downbeat Chinese economic data and US retail sales hitting a 6-month low in July. Finally, the light metal closed USD 18.5/mt lower at USD 2,032/mt. Trading volumes were down 717 lots to 10,764 lots, with positions also down 9,165 lots to 923,912 lots. 
 
On Wednesday night, SHFE 1410 aluminum contract dipped to RMB 14,095/mt after starting at RMB 14,145/mt, and finished the night session at RMB 14,115/mt. Trading volumes totaled 49,090 lots, with positions down 56 lots to 144,092 lots. 
 
Negative economic data are likely to send the most active SHFE aluminum contract down to RMB 14,070-14,130/mt on Thursday. In China’s physical market, spot aluminum should trade RMB 0-40/mt below SHFE 1408 aluminum contract. 
                       
 
 
 
 

SMM Aluminum Market Morning Review (2014-8-14)

Price Review & Forecast 09:45:47AM Aug 14, 2014 Source:SMM
SHANGHAI, Aug. 14 (SMM) – Three-month aluminum on the London Metal Exchange dropped to USD 2,027.3/mt after opening at USD 2,050/mt on Wednesday. The price decline was the result of downbeat Chinese economic data and US retail sales hitting a 6-month low in July. Finally, the light metal closed USD 18.5/mt lower at USD 2,032/mt. Trading volumes were down 717 lots to 10,764 lots, with positions also down 9,165 lots to 923,912 lots. 
 
On Wednesday night, SHFE 1410 aluminum contract dipped to RMB 14,095/mt after starting at RMB 14,145/mt, and finished the night session at RMB 14,115/mt. Trading volumes totaled 49,090 lots, with positions down 56 lots to 144,092 lots. 
 
Negative economic data are likely to send the most active SHFE aluminum contract down to RMB 14,070-14,130/mt on Thursday. In China’s physical market, spot aluminum should trade RMB 0-40/mt below SHFE 1408 aluminum contract.