SMM Aluminum Market Morning Review (2015-10-13)

Published: Oct 13, 2015 09:58

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LME aluminum rose to USD 1,632/mt after opening at USD 1,612/mt on Monday.

SHANGHAI, Oct. 13 (SMM) –LME aluminum rose to USD 1,632/mt after opening at USD 1,612/mt on Monday. However, the light metal retreated from the 60-day moving average to USD 1,591/mt later as crude oil prices tumbled and due to news that Glencore is mulling over selling copper mines. Finally, LME aluminum ended down USD 18.5/mt or 1.15% at USD 1,593.5/mt. Trading volumes were down 20,730 lots to 13,657 lots, and positions were down 2,265 to 818,000.

On Monday night, SHFE 1512 aluminum fell to RMB 11,505/mt after opening at RMB 11,615/mt. The most active contract should fall to RMB 11,470-11,550/mt on Tuesday as shorts reenter. In China’s spot market, trading will be thin, and spot discounts of RMB 0-30/mt and premiums of RMB 0-10/mt are expected over SHFE 1510 aluminum contract.

Al price LME aluminum prices SHFE aluminum prices

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