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SMM Aluminum Market Morning Review (2014-10-27)
Oct 27,2014 09:45CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange opened at USD 1,985/mt last Friday.
SHANGHAI, Oct. 27 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,985/mt last Friday. US new homes sales rose to an annual rate of 467,000 in September, but this was overshadowed by disappointing 2014 EU-wide stress test results and falling home prices in China. As a result, the light metal dropped to USD 1,953/mt. Finally, three-month aluminum on the LME ended the day at USD 1,966.8/mt. Trading volumes were up 972 lots to 12,729 lots, with positions up 2,829 lots to 839,727 lots.  
 
Last Friday night, SHFE 1412 aluminum contract was range-bound after starting at RMB 13,730/mt, and finished the night session at RMB 13,765/mt. Trading volumes totaled 7,208 lots, with positions down 314 lots to 95,828 lots. 
 
Negative Chinese housing data will send the most active SHFE aluminum contract down to RMB 13,740-13,790/mt on Monday. In China’s spot market, demand will soften, with spot discounts of RMB 70-110/mt expected over SHFE 1411 aluminum contract. 
 
 
                      
    
 
LME aluminum prices
SHFE aluminum prices

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