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Home / Metal News / SMM Aluminum Market Morning Review (2015-11-12)

SMM Aluminum Market Morning Review (2015-11-12)

iconNov 12, 2015 09:09
Source:SMM
LME aluminum opened at USD 1,508/mt on Wednesday, and hit a low of USD 1,484/mt in Asian hours as SHFE aluminum headed toward RMB 10,000/mt.

SHANGHAI, Nov. 12 (SMM) –LME aluminum opened at USD 1,508/mt on Wednesday, and hit a low of USD 1,484/mt in Asian hours as SHFE aluminum headed toward RMB 10,000/mt. But LME aluminum then rallied to USD 1,523/mt as many shorts withdrew, and finally ended up USD 8/mt or 0.53% at USD 1,516/mt. Trading volumes were down 3,814 lots to 15,796 lots, and positions were down 10,213 to 807,000. 

On Wednesday night, SHFE 1601 aluminum climbed to RMB 10,125/mt after opening at RMB 10,070/mt due to exit of shorts. Market is divergent over price trend after prices fell close to RMB 10,000/mt. The most active contract should range RMB 10,090-10,190/mt on Thursday. In China’s spot market, spot discounts are expected at RMB 120-80/mt over SHFE 1511 aluminum contract.  


  


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