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SMM Aluminum Market Morning Review (2014-10-20)
Oct 20,2014 09:32CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange opened at USD 1,927.5/mt last Friday.
SHANGHAI, Oct. 20 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,927.5/mt last Friday. The light metal broke through the 20-day moving average to USD 1,977.3/mt on encouraging US housing data and rumors that that the People’s Bank of China (PBOC) plans to inject RMB 200 billion into the market. Finally, three-month aluminum on the LME closed at USD 1,965/mt. Trading volumes were down 1,170 lots to 19,485 lots, with positions up 2,460 lots to 816,551 lots.  
 
Last Friday night, SHFE 1412 aluminum contract rose to RMB 13,820/mt after starting higher at RMB 13,725/mt, and finished the night session at RMB 13,800/mt. Trading volumes totaled 56,150 lots, with positions up 718 lots to 130,934 lots.  
 
The most active SHFE aluminum contract should rise further to RMB 13,750-13,850/mt on Monday. In China’s spot market, spot discounts of RMB 20-60/mt are expected over SHFE 1411 aluminum contract. 
 
 
                      
  
 
LME aluminum prices
SHFE aluminum prices

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