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SMM Aluminum Market Morning Review (2015-4-16)
Apr 16,2015 09:28CST
price review forecast
Source:SMM
LME aluminum climbed above USD 1,800/mt after opening at USD 1,788/mt on Wednesday.

            

SHANGHAI, Apr. 16 (SMM) – LME aluminum climbed above USD 1,800/mt after opening at USD 1,788/mt on Wednesday. The US dollar index fell as the Beige Book signaled a dovish tone. Crude oil surged 6%. As such, LME aluminum rose again to break through USD 1,822/mt before ending at USD 1,819/mt. Trading volumes increased 8,124 lots to 20,435 lots, with positions down 3,196 to 781,012.
 
On Wednesday night, SHFE 1506 aluminum contract drifted higher after starting at RMB 13,060/mt, thanks to rising LME aluminum and technical correction. The most active contract ended at a session high of RMB 13,115/mt. Trading volumes totaled 9,558 lots, with positions up 1,814 to 123,488.
 
The most active SHFE aluminum contract should rise to RMB 13,080-13,140/mt on Thursday. In China’s spot market, spot discounts are expected to expand to RMB 80-120/mt expected over SHFE 1505 aluminum contract, the new front-month contract.
            
 
LME aluminum prices
SHFE aluminum prices

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