SMM Aluminum Market Morning Review (2015-4-13)

SHANGHAI, Apr. 13 (SMM) – Chinese inflation data were basically in line with market expectations, but deflationary pressures remain, kindling hopes for more stimulus measures to boost the economy. LME aluminum crawled up to USD 1,775/mt after opening at USD 1,764/mt on Friday, but then fell back to end at USD 1,762/mt. Trading volumes decreased 1,969 lots to 8,114 lots, with positions up 4,315 to 807,000.

 

On Friday night, SHFE 1506 aluminum contract rose to RMB 13,265/mt after starting at RMB 13,250/mt, and closed the night session at RMB 13,225/mt. Trading volumes totaled 8,946 lots, with positions up 1,456 to 116,446. 

 

China’s trade data will be eyed today. The most active SHFE aluminum contract should range RMB 13,220-13,250/mt on Monday. In China’s spot market, demand will be weak, with spot discounts of RMB 60-100/mt expected over SHFE front-month aluminum contract.