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SMM Aluminum Market Morning Review

Release time:2014-11-18

Nov 18, 2014 01:23 GMT   Source:SMM

 

SHANGHAI, Nov. 18 (SMM) – Three-month aluminum on the London Metal Exchange slid to USD 2,014.3/mt after opening at USD 2,026/mt on Monday. The price decline was due to surprisingly depressed Japan GDP data and a firmer dollar. But prices rebounded to USD 2,042.5/mt later on better-than-expected New York Fed manufacturing data, and closed at USD 2,029/mt. Trading volumes were down 4,834 lots to 8,999 lots, with positions down 4,696 lots to 867,445 lots.     
 
On Monday night, SHFE 1501 aluminum contract dropped to RMB 13,740/mt after starting at RMB 13,780/mt due to profit-taking at highs, and finished the night session at RMB 13,750/mt. Trading volumes totaled 12,398 lots, with positions up 878 lots to 139,046 lots.  
 
The most active SHFE aluminum contract should move between RMB 13,700-13,780/mt on Tuesday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 30-70/mt over SHFE 1412 aluminum contract, the new front-month contract.