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Aluminum Market Morning Review (2015-1-6)

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Another flood of negative news weighed LME aluminum down again on Monday. The euro touched a near nine-year low as investors bet that weak inflation in the euro zone and political uncertainty in Greece will prompt the ECB to introduce QE. Crude oil prices slumped again. The US dollar gained further ground. Risk aversion sentiment resurfaced. In this scenario, LME aluminum dropped to USD 1,816.5/mt after opening at USD 1,835/mt, and ended at USD 1,823/mt. Trading volumes increased 3,689 lots to 15,365 lots, with positions down 330 to 790,602. 
 
On Monday night, SHFE 1503 aluminum contract slid to RMB 12,800/mt after starting at RMB 12,860/mt, and finished the night session at RMB 12,805/mt. Trading volumes totaled 27,756 lots, with positions totaling 158,844. 
 

The most active SHFE aluminum contract should fall further to RMB 12,800-12,850/mt on Tuesday on strong bearish sentiment. In China’s spot market, supply will remain stable, with spot discounts of RMB 0-10/mt and premiums of RMB 0-30/mt expected over SHFE 1501 aluminum contract.

Zhejiang Yaang Pipe Industry Co., Limited

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Aluminum · Metals

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