Metals News
[Al Price] SMM Aluminum Market Morning Review (2015-8-12)
price review forecast
Aug 12,2015

SHANGHAI, Aug. 12 (SMM) – The US dollar index rose after Chinese yuan depreciated sharply. This caused LME aluminum to fall to a new six-year low of USD 1,573.5/mt on Tuesday. LME aluminum rallied later after the US dollar softened, but still failed to break through the 5-day moving average. Finally, the light metal ended down USD 23/mt at USD 1,589/mt. Trading volumes were up 5,323 lots to 15,314 lots, and positions were down 4,438 to 878,000. 

A weaker Chinese yuan will favor SHFE aluminum while sending LME aluminum into distress. SHFE 1510 aluminum should test resistance at the 10-day moving average and move between RMB 12,040-12,100/mt on Wednesday.  

In China’s spot market, growing supply will leave spot aluminum trade at discounts of RMB 0-30/mt and premiums of RMB 0-10/mt over SHFE 1508 aluminum contract.

​Al price
LME aluminum prices
SHFE aluminum prices
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