SMM Daily Review - 2010/1/18 Aluminum Market-Shanghai Metals Market

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SMM Daily Review - 2010/1/18 Aluminum Market

SMM Insight 10:06:59AM Jan 19, 2010 Source:SMM

SHANGHAI, Jan. 19 (SMM) -- SHFE aluminum prices opened low, but fluctuated higher in the afternoon, with positions down slightly. SHFE aluminum prices moved at high levels, and SHFE three-month aluminum contract transitioned into SHFE 1005 aluminum contract gradually, and SHFE aluminum contract faced heavy pressure at RMB 17,500/mt.

A new contract month began on January 18th, and spot discounts appeared again, but offers quoted by cargo-holders moved around RMB 17,150/mt, with no intention to lower prices, and transactions were weak as a result. New arrivals of goods increased in Wuxi region, and suppliers had to reduce prices amid sluggish trading sentiment, causing traded prices to fall steadily. Traders raised prices in the afternoon following rising SHFE aluminum prices, helping increase traded prices to RMB 17,200/mt rapidly. Market confidence improved despite of stronger resistance at RMB 17,250/mt in the afternoon.

 

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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 - 2010/1/18 Aluminum Market

SMM Insight 10:06:59AM Jan 19, 2010 Source:SMM

SHANGHAI, Jan. 19 (SMM) -- SHFE aluminum prices opened low, but fluctuated higher in the afternoon, with positions down slightly. SHFE aluminum prices moved at high levels, and SHFE three-month aluminum contract transitioned into SHFE 1005 aluminum contract gradually, and SHFE aluminum contract faced heavy pressure at RMB 17,500/mt.

A new contract month began on January 18th, and spot discounts appeared again, but offers quoted by cargo-holders moved around RMB 17,150/mt, with no intention to lower prices, and transactions were weak as a result. New arrivals of goods increased in Wuxi region, and suppliers had to reduce prices amid sluggish trading sentiment, causing traded prices to fall steadily. Traders raised prices in the afternoon following rising SHFE aluminum prices, helping increase traded prices to RMB 17,200/mt rapidly. Market confidence improved despite of stronger resistance at RMB 17,250/mt in the afternoon.

 

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