[Al Price] SMM Aluminum Market Morning Review (2015-7-24)

Published: Jul 24, 2015 09:13

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Encouraging US initial jobless claims supported the US dollar index.

SHANGHAI, Jul. 24 (SMM) – Encouraging US initial jobless claims supported the US dollar index. European and US stock market performed badly. Commodity market suffered selloffs. In this context, LME aluminum fell on Thursday. The light metal rose to USD 1,668/mt after opening at USD 1,659/m, but then fell back before ending at USD 1,637/mt. Trading volumes were up 2,286 lots to 13,307 lots, and positions were up 5,498 to 867,000.

On Thursday night, SHFE 1510 aluminum opened at RMB 12,310/mt, and ended the night session at RMB 12,265/mt. Trading volumes totaled 10,442 lots, and positions were up 2,956 to 144,516.

Markets are pessimistic over HSBC’s China manufacturing PMI due to release today. SHFE 1510 aluminum contract is expected to fall further to RMB 12,250-12,300/mt. In China’s spot market, sellers will hold back goods against low prices, and demand is expected to pick up before the weekend. Spot discounts of RMB 90-130/mt are expected over SHFE 1508 aluminum contract.

Al price LME aluminum prices SHFE aluminum prices

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