SMM Daily Review - 2010/1/12 Aluminum Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/12 Aluminum Market

SMM Insight 10:40:05AM Jan 13, 2010 Source:SMM

SHANGHAI, Jan. 13 (SMM) -- SHFE aluminum prices continued to show strong performance yesterday, with brisk trading sentiment and with positions up significantly. Trading value of SHFE 1004 aluminum contract reached over RMB 47.2 billion, and positions increased by 12,270 lots, and trading volumes reported 520,000 lots, and total positions of SHFE 1004 aluminum contract exceeded 175,000 lots, continuing to surpass positions of SHFE three-month copper contract and SHFE three-month zinc contract. SHFE 1004 aluminum contract climbed to RMB 18,320/mt, and closed at RMB 18,250/mt, up 1.5%, receiving support at RMB 18,000/mt. SHFE spot-month contract aluminum prices opened at RMB 17,550/mt, and dipped to RMB 17,400/mt temporarily in the morning, but later rebounded rapidly, and mainly moved in the RMB 17,500-17,600/mt during spot trading period. SHFE aluminum prices moved higher in the afternoon, and closed high supported by increasing A-share stock market. Speculators remained optimistic toward aluminum market outlook supported by production suspension and cuts, transportation bottlenecks caused by the heavy snowfalls throughout China, as well as the alumina price hike.

In the spot aluminum market, cargo-holders offered prices at RMB 17,350-17,380/mt in the morning, with limited market supply. CHALCO did not move goods, and traders were also reluctant to move goods. Meanwhile, downstream consumers accepted the upward trends of aluminum prices gradually amid recent strong performance of aluminum market, and increased purchase volumes steadily. Spot aluminum offers have risen to RMB 17,500/mt in the afternoon supported by further gains in SHFE aluminum prices, and spot aluminum prices are expected to test RMB 17,500/mt today.

 

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None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Daily Review - 2010/1/12 Aluminum Market

SMM Insight 10:40:05AM Jan 13, 2010 Source:SMM

SHANGHAI, Jan. 13 (SMM) -- SHFE aluminum prices continued to show strong performance yesterday, with brisk trading sentiment and with positions up significantly. Trading value of SHFE 1004 aluminum contract reached over RMB 47.2 billion, and positions increased by 12,270 lots, and trading volumes reported 520,000 lots, and total positions of SHFE 1004 aluminum contract exceeded 175,000 lots, continuing to surpass positions of SHFE three-month copper contract and SHFE three-month zinc contract. SHFE 1004 aluminum contract climbed to RMB 18,320/mt, and closed at RMB 18,250/mt, up 1.5%, receiving support at RMB 18,000/mt. SHFE spot-month contract aluminum prices opened at RMB 17,550/mt, and dipped to RMB 17,400/mt temporarily in the morning, but later rebounded rapidly, and mainly moved in the RMB 17,500-17,600/mt during spot trading period. SHFE aluminum prices moved higher in the afternoon, and closed high supported by increasing A-share stock market. Speculators remained optimistic toward aluminum market outlook supported by production suspension and cuts, transportation bottlenecks caused by the heavy snowfalls throughout China, as well as the alumina price hike.

In the spot aluminum market, cargo-holders offered prices at RMB 17,350-17,380/mt in the morning, with limited market supply. CHALCO did not move goods, and traders were also reluctant to move goods. Meanwhile, downstream consumers accepted the upward trends of aluminum prices gradually amid recent strong performance of aluminum market, and increased purchase volumes steadily. Spot aluminum offers have risen to RMB 17,500/mt in the afternoon supported by further gains in SHFE aluminum prices, and spot aluminum prices are expected to test RMB 17,500/mt today.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn