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SMM Aluminum Market Morning Review (2015-10-29)

iconOct 29, 2015 09:34
Source:SMM
LME aluminum opened at USD 1,484/mt on Wednesday.

SHANGHAI, Oct. 29 (SMM) –LME aluminum opened at USD 1,484/mt on Wednesday. LME aluminum was dragged down by SHFE aluminum to USD 1,469/mt, and fell further to a new low in nearly six years at USD 1,460/mt after the US dollar index rose. But LME aluminum rebounded later on exit of shorts and long buying, and ended up USD 1/mt at USD 1,483/mt. Trading volumes were up 3,483 lots to 14,941 lots, and positions were up 2,557 to 797,000.   

On Wednesday night, SHFE 1601 aluminum opened lower at RMB 10,260/mt. The contract rose to RMB 10,425/mt as shorts exited, and ended the night session at RMB 10,350/mt, with positions down more than 10,000. SHFE aluminum contract underperform contracts further forward, more profit-taking will be reported on the SHFE. The most active contract should range RMB 10,300-10,420/mt on Thursday. In China’s spot market, supply will be limited at the month’s end,and spot discounts should narrow to RMB 120-80/mt over SHFE 1511 aluminum contract.  


  


Al price
LME aluminum prices
SHFE aluminum prices
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