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

Published: Mar 27, 2015 09:42

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The rally in crude oil allowed LME aluminum to rise to USD 1,807/mt after opening at USD 1,774/mt on Thursday.

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.

LME aluminum prices SHFE aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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