SMM Aluminum Market Morning Review (2015-6-8)

Published: Jun 8, 2015 10:19

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The US dollar index rose as positive US non-farm payrolls strengthened expectations for an interest rate hike.

SHANGHAI, Jun. 8 (SMM) – The US dollar index rose as positive US non-farm payrolls strengthened expectations for an interest rate hike. This caused LME aluminum to hit over a year low of USD 1,726/mt after opening at USD 1,744/mt last Friday. But the light metal rebounded later on strong crude oil prices, and ended the day at USD 1,750/mt. Positions were up 9,120 to 831,000.

Last Friday night, SHFE 1508 aluminum contract opened at RMB 12,985/mt, and ended at a session high of RMB 13,015/mt. Trading volumes totaled 16,174 lots, and positions were up 100 to 133,502.

SHFE 1508 aluminum contract is expected to move between RMB 12,970-13,030/mt on Monday. In China’s spot market, demand will remain weak as bearishness dominates, and spot discounts of RMB 70-110/mt are expected over SHFE 1506 aluminum contract.

LME aluminum prices SHFE aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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