SMM Aluminum Market Morning Review (2015-9-7)
SHANGHAI, Sept. 7 (SMM) – US non-farm payrolls missed forecasts, but jobless rate hit over 7-year low. LME aluminum fell back after opening higher at USD 1,630/mt last Friday. The light metal ended down USD 15/mt or 0.92% at USD 1,610/mt. Trading volumes were down 5,374 lots to 9,301 lots, and positions were up 3,003 to 837,000.
SHFE 1511 aluminum should meet strong resistance at moving averages and move between RMB 11,820-11,900/mt on Tuessday. In China’s spot market, growing arrivals after the 3-day holiday will add to supply pressure and leave spot discounts at RMB 60-20/mt over SHFE 1509 aluminum contract.
Al price
LME aluminum prices
SHFE aluminum prices
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