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SMM Aluminum Market Morning Review (2014-10-30)
Oct 30,2014 09:32CST
price review forecast
Source:SMM
Three-month aluminum on the London Metal Exchange climbed to USD 2,042/mt after opening at USD 1,994.5/mt on Wednesday, but was then dragged down by a stronger US dollar.
SHANGHAI, Oct. 30 (SMM) – Three-month aluminum on the London Metal Exchange climbed to USD 2,042/mt after opening at USD 1,994.5/mt on Wednesday, but was then dragged down by a stronger US dollar. The US Fed brought QE3 to an end and stated that US labor market has shown signs of further improvement, which pushed the US dollar up to 3-week high of 86. Finally, the light metal ended at USD 2,023.8/mt. Trading volumes were up 7,728 lots to 16,602 lots, with positions down 436 lots to 834,852 lots.  
 
On Wednesday night, SHFE 1501 aluminum contract jumped to RMB 13,975/mt after starting at RMB 13,865/mt, and finished the night session at RMB 13,935/mt. Trading volumes increased to 59,244 lots, with positions up 7,824 lots to 144,866 lots. 
 
The most active SHFE aluminum contract may give back gains made overnight due to a firm US dollar and strong resistance at the upper side, and move within RMB 13,850-13,900/mt on Thursday. In China’s spot market, sellers will hold offers firm, with spot discounts of RMB 80-120/mt expected over SHFE 1411 aluminum contract. 
 
 
                      
 
 
LME aluminum prices
SHFE aluminum prices

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