SMM Aluminum Market Morning Review (2015-4-21)

Published: Apr 21, 2015 09:29

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LME aluminum opened higher at USD 1,826/mt on Monday, buoyed up by China’s RRR cuts.

SHANGHAI, Apr. 21 (SMM) – LME aluminum opened higher at USD 1,826/mt on Monday, buoyed up by China’s RRR cuts. But prices slipped during Asian trading session as falling Chinese A share soured sentiment. The light metal rose to USD 1,838/mt heading into the European session, but fell again later to USD 1,808/mt as the US dollar strengthened before ending at USD 1,814.5/mt. Trading volumes fell 3,586 lots to 11,505 lots, with positions down 3,959 to 769,972.

On Monday night, SHFE 1506 aluminum contract dropped to RMB 13,065/mt after starting at RMB 13,100/mt. The most active contract ended the night session at RMB 13,075/mt. Trading volumes totaled 5,930 lots, with positions down 274 to 114,982.

The most active SHFE aluminum contract should remain weak between RMB 13,050-13,100/mt on Tuesday, due to exit of bulls overnight. In China’s spot market, demand will remain poor, with spot discounts of RMB 80-120/mt expected over SHFE 1505 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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