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SMM Aluminum Market Morning Review (2015-5-20)
May 20,2015 10:03CST
price review forecast
Source:SMM
The US dollar index climbed above 95, lifted by positive US housing starts and building permits, as well as negative euro zone economic data.

              

SHANGHAI, May 20 (SMM) – The US dollar index climbed above 95, lifted by positive US housing starts and building permits, as well as negative euro zone economic data. Crude oil closed at nearly three-week low. Gold prices fell. In this scenario, LME aluminum fell to USD 1,787/mt after opening at USD 1,823/mt on Tuesday. Finally, LME aluminum closed at USD 1,794.5/mt. Trading volumes were up 1,197 lots to 16,437 lots, and positions were down 1,420 to 795,112.  
 
On Tuesday night, SHFE 1507 aluminum contract fell to RMB 13,150/mt after starting at RMB 13,195/mt. But the contract rallied to RMB 13,220/mt later before finishing the night session at RMB 13,190/mt. Trading volumes totaled 13,932 lots, and positions were down 2,452 to 120,720. 
   
 
The technical side is negative, so SHFE 1507 aluminum contract might fall to RMB 13,150-13,190/mt on Wednesday. In China’s spot market, spot discounts of RMB 110-150/mt are expected over SHFE 1506 aluminum contract. 
            
 
 
LME aluminum prices
SHFE aluminum prices

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