Home / Metal News /  / SMM Aluminum Market Morning Review (2015-5-18)
SMM Aluminum Market Morning Review (2015-5-18)
May 18,2015 10:36CST
price review forecast
LME aluminum recorded a three-day losing streak last Friday.
SHANGHAI, May 18 (SMM) – LME aluminum recorded a three-day losing streak last Friday. This is partly because China’s aluminum semis exports rose MoM in April and partly because Alcoa and Rusal said overseas aluminum premiums would continue falling. LME aluminum hovered above USD 1,860/mt after opening at USD 1,869/mt last Friday. LME aluminum fell to USD 1,847/mt later in the day before ending down USD 11/mt at USD 1,857/mt. Positions were down 160 to 796,164. Inventories fell 9,550 mt to 3,800,000 mt. 
Flooding of Chinese aluminum semis in overseas market will weigh on LME aluminum prices. LME aluminum should test support at USD 1,841/mt. SHFE 1507 aluminum contract should struggle around RMB 13,300/mt on Monday as both longs and shorts will be cautious. In China’s spot market, spot discounts are expected to widen to RMB 120-160/mt now that SHFE 1506 aluminum contract has shifted to the front-month 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