SMM Aluminum Market Morning Review (2015-5-26)

SHANGHAI, May 26 (SMM) – On Monday night, SHFE 1508 aluminum contract, the most active one, rose above the 5-day and 60-day moving averages to RMB 13,310/mt after starting at RMB 13,210/mt, and ended the night session at RMB 13,295/mt. Trading volumes totaled 4,306 lots, and positions were up 374 to 104,128.  

 

SHFE 1508 aluminum contract has found support at RMB 13,200/mt, but the 10-day moving average will pose strong resistance, with prices expected between RMB 13,260-13,300/mt on Tuesday. In China’s spot market, spot aluminum will find strong support at RMB 13,000/mt, with spot discounts of RMB 110-150/mt expected over SHFE 1506 aluminum contract.