SMM Aluminum Market Morning Review (2015-7-2)

Published: Jul 2, 2015 09:46

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LME aluminum rose above the 20-day moving average to USD 1,736/mt after opening at USD 1,695/mt on Wednesday.

SHANGHAI, Jul. 2 (SMM) –LME aluminum rose above the 20-day moving average to USD 1,736/mt after opening at USD 1,695/mt on Wednesday. Finally, it ended a USD 1,728.5/mt. Trading volumes were up 5,403 lots to 17,104 lots, and positions were up 885 to 874,122. The macro front turned positive. HSBC’s China manufacturing PMI for June missed forecasts, but rose from May’s reading. US ADP employment report, Markit’s US manufacturing PMI and ISM’s US manufacturing index, as well as US building permits were all positive. Greece defaulted, but its premier was ready to accept bailout conditions, easing market sentiment.

On Wednesday night, SHFE 1509 aluminum contract rose to RMB 13,030/mt after opening at RMB 12,555/mt. But the contract fell back to RMB 12,700/mt later before ending the night session at RMB 12,690/mt. Trading volumes totaled 32,558 lots, and positions were down 4,720 lots to 126,834 lots.

SHFE 1509 aluminum contract is expected to remain strong between RMB 12,630-12,750/mt on Thursday on possible exit of shorts. In China’s spot market, sellers will hold offers firm, but buyers will continue watching from the sidelines, with spot discounts of RMB 70-110/mt expected over SHFE 1507 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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