[Al Price] SMM Aluminum Market Morning Review (2015-7-20)

Published: Jul 20, 2015 09:12

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LME aluminum fell last Friday as positive US economic data pushed favored the US dollar.

SHANGHAI, Jul. 20 (SMM) – LME aluminum fell last Friday as positive US economic data pushed favored the US dollar. Housing starts and building permits in the US hit new highs in June. US inflation data matched forecasts. The University of Michigan’s consumer confidence index, though missing forecasts, did stay above 90. LME aluminum fell to USD 1,695/mt after opening at USD 1,713.5/mt last Friday, and ended at USD 1,698.5/mt on Thursday. Trading volumes were down 316 lots to 6,913 lots, and positions were up 3,614 to 869,130.

Last Friday night, SHFE 1509 aluminum fell to RMB 12,430/mt after opening at RMB 12,510/mt. It ended the night session at RMB 12,445/mt. Trading volumes totaled 6,954 lots, and positions were up 242 to 118,376.

A stronger US dollar and selling pressure at highs should send SHFE 1509 aluminum contract down to RMB 12,420-12,470/mt on Monday. In China’s spot market, sellers will remain eager to sell, and spot discounts of RMB 70-110/mt are expected over SHFE 1508 aluminum contract.

Al price LME aluminum prices SHFE aluminum prices

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