Home / Metal News / Precious Metals / SMM Aluminum Market Morning Review (2014-10-16)
SMM Aluminum Market Morning Review (2014-10-16)
Oct 16,2014 09:35CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange inched down during Wednesday’s Asian trading hours as China’s PPI and CPI fell.
SHANGHAI, Oct. 16 (SMM) – Three-month aluminum on the London Metal Exchange inched down during Wednesday’s Asian trading hours as China’s PPI and CPI fell. Prices tumbled to USD 1,914/mt during the European session as downbeat US retail sales and PPI data, as well as New York Fed’s manufacturing index, tarnished the outlook for global economy. Finally, the light metal closed at USD 1,918/mt. Trading volumes were up 7,432 lots to 15,789 lots, with positions up 879 lots to 816,136 lots.  
 
On Wednesday night, SHFE 1412 aluminum contract moved sideways after starting at RMB 13,740/mt, and finished the night session at RMB 13,715/mt. 
 
The most active SHFE aluminum contract may fall to RMB 13,670-13,740/mt on Thursday due to worries over global economic slowdown. In China’s spot market, weak demand will widen spot discounts to RMB 10-50/mt over SHFE 1411 aluminum contract, the new front-month contract. 
 
 
                      
 
 
LME aluminum prices
SHFE aluminum prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news