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HomeNewsPrice Review & Forecast SMM Aluminum Market Morning Review

Release time:2014-11-20

 Nov 20, 2014 01:35 GMT   Source:SMM

 

SHANGHAI, Nov. 20 (SMM) –LME aluminum dropped to USD 2,002.8/mt after opening Wednesday at USD 2,011.3/mt as investors continued to digest negative Chinese and Japanese data released earlier. But prices bounced back to USD 2,029/mt later as a jump in US building permits offset an unexpected fall in US housing starts in October and as the minutes of the US Fed’s latest policy meeting is dovish. Trading volumes were down 1,163 lots to 10,426 lots, with positions down 20,952 lots to 839,301 lots.     
 
On Wednesday night, SHFE 1501 aluminum contract crept higher to RMB 13,750/mt after starting at RMB 13,705/mt, and finished the night session at RMB 13,725/mt. Trading volumes totaled 23,162 lots, with positions up 186 lots to 123,006 lots.  
 
The most active SHFE aluminum contract should move between RMB 13,700-13,780/mt on Thursday. In China’s spot market, trading will be muted, with spot aluminum expected to trade at discounts of RMB 20-60/mt over SHFE 1412 aluminum contract.