Home / Metal News / Lead / SMM Aluminum Market Morning Review (2015-4-17)
SMM Aluminum Market Morning Review (2015-4-17)
Apr 17,2015 09:24CST
price review forecast
Source:SMM
Although Philadelphia Fed’s manufacturing data beat expectations, US housing data and initial jobless claims were worse than expected.

          

SHANGHAI, Apr. 17 (SMM) – Although Philadelphia Fed’s manufacturing data beat expectations, US housing data and initial jobless claims were worse than expected. This caused the US dollar index to fall for three days in a row. Crude oil hit this year’s high and gained for six consecutive trading days. In this context, LME aluminum jumped to USD 1,844/mt after opening at USD 1,819/mt on Thursday. The light metal gave back most of its gains later as bulls exited before ending at USD 1,823/mt. Trading volumes increased 517 lots to 20,952 lots, with positions down 12,620 to 768,392.
 
On Thursday night, SHFE 1506 aluminum contract slid to RMB 13,160/mt due to profit-taking at highs after starting at RMB 13,235/mt. The most active contract ended the night session at RMB 13,195/mt. Trading volumes totaled 11,472 lots, with positions down 2,700 to 119,468.
 
The most active SHFE aluminum contract should move between RMB 13,170-13,210/mt on Friday. In China’s spot market, consumption will be sluggish, with spot discounts of RMB 80-120/mt expected over SHFE 1505 aluminum contract. 
            
 
 
LME aluminum prices
SHFE aluminum prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news