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SMM Aluminum Market Morning Review (2014-10-29)
Oct 29,2014 09:36CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange climbed to USD 2,004/mt after opening at USD 1,985/mt on Tuesday.
SHANGHAI, Oct. 29 (SMM) – Three-month aluminum on the London Metal Exchange climbed to USD 2,004/mt after opening at USD 1,985/mt on Tuesday, but then fell back to close USD 16.3/mt higher at USD 1,995/mt. Trading volumes were up 1,715 lots to 8,873 lots, with positions down 2,357 lots to 835,288 lots.  
 
Overnight saw a mixed bag of economic data. The US Conference Board’s consumer confidence index, S & P/CS 20 major cities house price index and Richmond Fed’s manufacturing index all rose. But US durable goods orders fell unexpectedly in September. Profits at large-scale industrial enterprises in China rose in September.
 
On Tuesday night, SHFE 1501 aluminum contract started at RMB 13,850/mt, and finished the night session at RMB 13,870/mt. Trading volumes totaled 17,052 lots, with positions up 1,900 lots to 139,258 lots. 
 
The US Fed’s policy decision will come under the spotlight today. The most active SHFE aluminum contract should move within RMB 13,850-13,900/mt on Wednesday since investor sentiment is improving. In China’s spot market, trading activity among traders will increase, with spot discounts of RMB 80-120/mt expected over SHFE 1411 aluminum contract. 
 
 
                      
 
 
LME aluminum prices
SHFE aluminum prices

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