SMM Aluminum Market Morning Review (2015-4-29)

Published: Apr 29, 2015 09:35

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The US Conference Board’s consumer confidence index and Richmond’s manufacturing index both undershot forecasts, distressing the US dollar.

SHANGHAI, Apr. 29 (SMM) – The US Conference Board’s consumer confidence index and Richmond’s manufacturing index both undershot forecasts, distressing the US dollar. This helped LME aluminum rise to nearly 3-month high of 1,876/mt after opening at USD 1,835/mt on Tuesday. Finally, LME aluminum ended the day at USD 1,875.5/mt. Trading volumes were up 3,121 lots to 16,856 lots, and positions were up 12,812 to 785,000.

On Tuesday night, SHFE 1507 aluminum contract rose to RMB 13,420/mt after starting at RMB 13,385/mt. The most active contract finished the night session at RMB 13,385/mt.

SHFE 1507 aluminum contract is expected to rise further to RMB 13,360-13,450/mt on Wednesday, driven by rising LME aluminum and improved sentiment. In China’s spot market, spot discounts of RMB 150-190/mt are expected over SHFE 1505 aluminum contract.

LME aluminum prices SHFE aluminum prices

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