SMM Aluminum Market Morning Review (2015-3-27)

SHANGHAI, Mar. 27 (SMM) – The rally in crude oil allowed LME aluminum to rise to USD 1,807/mt after opening at USD 1,774/mt on Thursday. But the light metal fell back later on lower-than-expected US initial jobless claims, and closed at USD 1,787/mt. Trading volumes totaled 13,284 lots, and positions down 5,226 to 813,796.  

 

SHFE 1506 aluminum contract slid to RMB 13,305/mt after starting Thursday’s night session at RMB 13,380/mt, and closed up RMB 55/mt at RMB 13,335/mt. Trading volumes totaled 11,286 lots, with positions up 1,394 to 123,540. 

 

Fragile market sentiment should keep the most active SHFE aluminum contract in check within RMB 13,300-13,370/mt on Friday. In China’s spot market, spot discounts are expected between RMB 220-260/mt over SHFE front-month aluminum contract.