SMM Aluminum Market Morning ReviewAuthor：Site Source：Network Click to rate：1502 Post time：2015-03-05
SHANGHAI, Mar. 5 (SMM) – LME aluminum opened at USD 1,795/mt on Wednesday. The US dollar index rose, pressuring base metals. Economic data were mixed. HSBC’s composite China PMI for February rose, but US ADP employment report missed forecasts last month. LME aluminum rose to USD 1,807/mt, but then fell back to USD 1,787/mt. Finally, LME aluminum ended up USD 4.5/mt at USD 1,801.5/mt. Trading volumes totaled 10,200 lots, with positions up 4,879 to 819,858.
SHFE 1505 aluminum contract started Wednesday’s night session at RMB 12,970/mt. The most active contract climbed to RMB 13,020/mt before closing at RMB 12,955/mt. Trading volumes totaled 14,176 lots, with positions down 1,366 to 123,218.
Caution ahead of the upcoming NPC & CPPCC meetings should keep the most active SHFE aluminum contract in check within RMB 12,950-13,000/mt on Thursday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 90-130/mt over SHFE 1503 aluminum contract.
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