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SMM Daily Review - 2010/1/4 Aluminum Market
Jan 5,2010 10:10CST
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SHANGHAI, Jan. 5 (SMM) -- SHFE aluminum prices opened at RMB 17,450/mt, and moved widely. SHFE three-month contract aluminum prices hit RMB 17,350/mt in the morning several times, but later edged down due to growing downward pressure, and finally closed at RMB 17,200/mt negatively affected by plunged A-share stock market. Positions increased slightly by 952 lots, and total positions of SHFE three-month aluminum contract were 127,664 lots. Technically, SHFE three-month contract aluminum prices still received support from 5-day moving average. SHFE spot-month contract aluminum prices dipped to RMB 16,650/mt after 11:00, but still closed at RMB 16,700/mt finally.

In spot markets, aluminum prices continued to remain stable with signs of rising. Although downstream buying interest was low on the first trading day of 2010, large smelters including CHALCO were reluctant to sell goods upon their optimistic market outlook, helping limit market supply, so their offers were firm between RMB 16,620-16,650/mt. SHFE aluminum prices slipped temporarily, but any negative impact on spot aluminum prices was limited. Even limited volumes of imported aluminum from Russia with prices at RMB 16,580/mt flowed into market in the afternoon, domestic aluminum prices remained at RMB 16,600/mt. CHALCO raised alumina prices by RMB 150/mt, to RMB 2,800/mt on December 31st, 2009, laying the foundation for further gains in spot aluminum prices. 


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