SMM Aluminum Market Morning Review (2015-9-23)

Published: Sep 23, 2015 09:26

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European and US stock markets slumped on concerns over China’s economic growth.

SHANGHAI, Sept. 23 (SMM) – European and US stock markets slumped on concerns over China’s economic growth. This caused LME aluminum to fall below the 20-day and 40-day moving averages to USD 1,584/mt after opening at USD 1,615/mt on Tuesday. Finally, LME aluminum ended at USD 1,587/mt. Trading volumes were up 4,817 lots to 15,844 lots, and positions were down 4,223 to 812,000.

On Tuesday night, SHFE 1512 aluminum hit a six-year low of RMB 11,755/mt on strong bearishness. China’s manufacturing PMI for September will be eyed today. The most active contract should move at RMB 11,750-11,850/mt on Wednesday In China’s spot market, sellers will remain eager to sell to avoid carrying stocks through the holiday, and spot discounts of RMB 70-30/mt are expected over SHFE 1510 aluminum contract.

Al price LME aluminum prices SHFE aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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