SMM Aluminum Market Morning Review (2015-1-29)

Jan 29, 2015 09:15

Source:SMM

LME aluminum opened at USD 1,861/mt on Wednesday. The light metal fell below USD 1,850/mt, but then rallied to thus USD 1,875/mt.

SHANGHAI, Jan. 29 (SMM) – LME aluminum opened at USD 1,861/mt on Wednesday. The light metal fell below USD 1,850/mt, but then rallied to thus USD 1,875/mt. A wave of selling at the tail of the session caused LME aluminum to close an intraday low of USD 1,843/mt.

On Wednesday night, SHFE 1504 aluminum contract slipped to RMB 12,840/mt after starting at RMB 12,870/mt, and finished the night session at RMB 12,855/mt. Trading volumes totaled 6,150 lots, with positions up 952 to 135,788.

A firm dollar and falling crude oil should keep the most active SHFE aluminum contract in check between RMB 12,800-12,880/mt on Thursday. In China’s spot market, consumption will remain sluggish, with spot discounts of RMB 40-80/mt expected over SHFE 1502 aluminum contract.

LME aluminum prices

SHFE aluminum prices

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SMM Aluminum Market Morning Review (2015-1-29)

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