SMM Daily Review - 2011/6/28 Aluminum Market

SHANGHAI, Jun. 29 (SMM) -- SHFE 1108 aluminum contract prices climbed rapidly to a two-week high of RMB 17,085/mt in the morning session after opening slightly higher at RMB 17,010 on Tuesday, with prices later moving around the daily moving average and finally closing at RMB 17,065/mt, up RMB 60/mt or 0.35% compared with the previous trading day. SHFE 1108 aluminum contract prices stabilized above RMB 17,000/mt, and are expected to test RMB 17,100/mt in the short term.  

Mainstream traded prices for spot aluminum were between RMB 17,170-17,190/mt in east China, with premiums of positive RMB 70-90/mt over SHFE current-month aluminum contract prices. SHFE current-month aluminum contract prices climbed to struggle at RMB 17,100/mt after opening higher in the morning, and spot aluminum prices rose to near RMB 17,200/mt in response. Traders moved goods aggressively at higher prices, but buying interest was low, keeping trading sentiment sluggish. SHFE aluminum prices fluctuated narrowly below the daily moving average in the afternoon, and mainstream traded prices for spot aluminum fell to between RMB 17,150-17,170/mt. Since most traders were reluctant to move goods, only limited lower-priced goods were available. However, buying interest was still low even at lower prices, with transactions still very sluggish. 

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