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SMM Aluminum Market Morning Review (2015-5-14)
May 14,2015 09:31CST
price review forecast
Source:SMM
China’s industrial output, fixed asset investment and retail sales data all missed forecasts, raising hopes for more stimulus.
SHANGHAI, May 14 (SMM) –China’s industrial output, fixed asset investment and retail sales data all missed forecasts, raising hopes for more stimulus. In this context, LME aluminum rose to USD 1,910/mt after opening at USD 1,893/mt on Wednesday. The US dollar index fell to near 93 on weal US retail sales data. But a weaker US dollar offered no support to LME aluminum. Instead, weak crude oil caused LME aluminum to fall to USD 1,884.5/mt before ending at USD 1,885/mt. Trading volumes were up 280 lots to 10,475 lots, and positions were down 3,403 to 790,116.
 
On Wednesday night, SHFE 1507 aluminum contract climbed to RMB 13,410/mt after starting at RMB 13,380/mt. But prices fell back to RMB 13,325/mt later before finishing the night session at RMB 13,365/mt. Trading volumes totaled 12,466 lots, and positions were down 514 to 132,964.
 
SHFE 1507 aluminum contract should move between RMB 13,340-13,390/mt on Thursday. In China’s spot market, spot discounts are expected to narrow to RMB 120-160/mt over SHFE 1505 aluminum contract. 
            
 
 
LME aluminum prices
SHFE aluminum prices

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