SMM Aluminum Market Morning Review (2014-2-13)

SHANGHAI, Feb. 13 (SMM) – LME aluminum opened at USD 1,711.8/mt on Wednesday. China registered a 10% YoY growth in imports in January, with trade surplus hitting USD 31.86 billion. These figures helped alleviate worries over slowdown in the world’s second largest economy and falling demand for industrial metals. As a result, LME aluminum climbed to USD 1,735.3/mt before closing USD 22/mt or 1.29% higher at USD 1,731/mt. Trading volumes dropped 3,033 lots to 9,748 lots, while positions increased 7,661 lots to 740,336 lots.

SHFE 1404 aluminum contract started Wednesday’s night session at RMB 13,355/mt, finding a session high of RMB 13,370/mt and a session low of RMB 13,320/mt. The most active contract closed flat with its opening price. 3,328 lots were traded during the night hours, and positions added 468 lots to 79,040 lots.

China’s positive foreign trade data will help April aluminum on the SHFE challenge resistance at RMB 13,400/mt on Thursday, with prices expected between RMB 13,340-13,400/mt. Spot aluminum suppliers will demand higher prices, with prices expected at discounts of RMB 50-90/mt over SHFE 1402 aluminum contract prices. 

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