Metals News
SMM Daily Review - 2010/1/19 Aluminum Market
smm insight
10:05AM
Source:SMM

SHANGHAI, Jan. 20 (SMM) -- SHFE three-month contract aluminum prices opened at RMB 17,640/mt following SHFE copper prices, and soared to a daily high of RMB 17,860/mt, but later slipped negatively affected by falling SHFE copper prices. The uncertain aluminum price trends, the low downstream purchasing interest due to sluggish demand from end-users, as well as ample market supply and high interest by traders to move goods all helped reduce offers rapidly, with mainstream traded prices moving in the RMB 17,230-17,280/mt range. SHFE aluminum prices advanced slightly before closing, with SHFE three-month contract aluminum prices closing at RMB 17,735/mt, up RMB 150/mt, or up 0.85%. Technically, SHFE three-month contract aluminum prices moved around 5-day moving average line, and technical indicators show SHFE aluminum prices will fluctuate at high levels in the short term. Aluminum prices will likely advance again after corrections, and special attention should be paid to the impact on electric power supply in north and central China from changes in weather conditions in the future. 

 

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