Home / Metal News / Nickel / SMM Aluminum Market Morning Review (2014-10-28)
SMM Aluminum Market Morning Review (2014-10-28)
Oct 28,2014 09:25CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange climbed to USD 1,987/mt after opening at USD 1,970/mt on Monday, lifted by a soft US dollar.
SHANGHAI, Oct. 28 (SMM) – Three-month aluminum on the London Metal Exchange climbed to USD 1,987/mt after opening at USD 1,970/mt on Monday, lifted by a soft US dollar. Investors are expecting the US Fed to send dovish signal during its policy meeting, citing worse-than-expected US pending home sales index in September and US service PMI in October. This sent the US dollar index down. Finally, the light metal ended the day at USD 1,978.8/mt. Trading volumes were down 5,571 lots to 7,158 lots, with positions down 2,088 lots to 837,639 lots.  
 
On Monday night, SHFE 1412 aluminum contract was range-bound after starting at RMB 13,765/mt, and finished the night session at RMB 13,760/mt. Trading volumes totaled 4,580 lots, with positions down 88 lots to 93,396 lots. 
 
Market caution will keep the most active SHFE aluminum contract in check within RMB 13,740-13,800/mt on Tuesday. In China’s spot market, supply will fall, but demand will remain soft, with spot discounts of RMB 80-120/mt expected over SHFE 1411 aluminum 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