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Aluminum Market Morning Review (2015-1-8)

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LME aluminum rose to USD 1,809/mt after opening Wednesday at USD 1,790/mt. The price rise was attributable to positive US ADP employment and trade data, as well as rally in crude oil. However, the light metal fell back to USD 1,773/mt later before closing up USD 6/mt at USD 1,792/mt. Trading volumes increased 1,350 lots to 19,568 lots, with positions up 4,049 to 795,467. 
 
On Wednesday night, SHFE 1503 aluminum contract tracked LME aluminum up to RMB 12,845/mt after starting at RMB 12,780/mt, and finished the night session at RMB 12,780/mt. Trading volumes totaled 25,416 lots, with positions down 540 to 168,010. 
 

The most active SHFE aluminum contract should move between RMB 12,750-12,800/mt on Thursday as bearish sentiment lingers. In China’s spot market, suppliers will hold offers firm, with spot premiums of RMB 0-40/mt expected over SHFE 1501 aluminum contract.

Zhejiang Yaang Pipe Industry Co., Limited

Article Categories:
Aluminum · Metals

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