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SMM Aluminum Market Morning Review (2015-7-16)
Jul 16,2015 09:20CST
price review forecast
Source:SMM
US Fed Chairwoman Yellen emphasized interest rate hike later this year in her testimony.

SHANGHAI, Jul. 16 (SMM) – US Fed Chairwoman Yellen emphasized interest rate hike later this year in her testimony. Beige Book suggests that US economy is recovering mildly. US PPI and industrial output were both positive. These factors pushed the US dollar index up to near 97, pressuring base metals. LME aluminum gave back most of its previous gains after rising to USD 1,729.5/mt, and ended at USD 1,714.5/mt. Trading volumes were up 2,623 lots to 10,950 lots, and positions were down 9,801 to 861,000.  

On Wednesday night, SHFE 1509 aluminum fell to RMB 12,350/mt after opening at RMB 12,440/mt, and ended the night session at RMB 12,410/mt. Trading volumes totaled 10,190 lots, and positions were up 1,114 to 124,336.  

A stronger US dollar and technical resistance should keep SHFE 1509 aluminum contract in check at RMB 12,350-12,430/mt on Thursday. In China’s spot market, trading will remain thin, and spot discounts are expected to widen to RMB 60-100/mt over SHFE front-month aluminum contract.

  


LME aluminum prices
SHFE aluminum prices

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