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SMM Aluminum Market Morning Review (2014-10-14)
Oct 14,2014 09:41CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange dipped to USD 1,922.3/mt after opening at USD 1,930/mt on Monday.
SHANGHAI, Oct. 14 (SMM) – Three-month aluminum on the London Metal Exchange dipped to USD 1,922.3/mt after opening at USD 1,930/mt on Monday. But prices bounced back up the 10-day moving average shortly after the decline thanks to surprisingly positive Chinese trade data for September, and rose further to USD 1,949/mt later on a soft greenback. Finally, the light metal ended at USD 1,945.8/mt. Trading volumes were down 4,189 lots to 7,653 lots, with positions down 3,885 lots to 820,623 lots.  
 
On Monday night, SHFE 1412 aluminum contract nudged up to RMB 13,870/mt after starting at RMB 13,820/mt, but then fell back to finish the night session at RMB 13,830/mt. Trading volumes totaled 32,636 lots, with positions up 2,612 lots to 132,072 lots.  
 
The most active SHFE aluminum contract will continue to gain rising momentum from upbeat Chinese trade data, will any upside room will be limited, with prices expected between RMB 13,820-13,870/mt on Tuesday. In China’s spot market, trading will remain thin, with spot discounts of RMB 0-20/mt and premiums of RMB 0-20/mt expected over SHFE 1410 aluminum contract. 
 
 
                      
   
 
LME aluminum prices
SHFE aluminum prices

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