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SMM Daily Review – 2011/7/15 Aluminum Market
Jul 18,2011 09:32CST
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Source:SMM
SHANGHAI, Jul. 18 (SMM) -- Most active SHFE 1109 aluminum contract prices opened slightly lower at RMB 17,365/mt on July 15, and slightly rebounded in the morning session.

SHANGHAI, Jul. 18 (SMM) -- Most active SHFE 1109 aluminum contract prices opened slightly lower at RMB 17,365/mt on July 15, and slightly rebounded in the morning session. After 10:30 a.m., the longs pushed SHFE 1109 aluminum contract prices to the highest RMB 17,605/mt during the day, which fell later due to short selling. Finally closed price was RMB 17,490/mt, up RMB 95/mt or 0.55% from previous trading day. Positions of most active SHFE 1109 aluminum contracts increased by 4,870 lots to 106,160 lots. Aluminum became the only base metal that gained on SHFE on July 15 as a result of capital support, with transactions of most active SHFE 1109 aluminum contracts doubling to nearly 50,000 lots. SMM expects SHFE 1109 aluminum contract prices to fluctuate at RMB 17,500/mt in the short term. Latest SHFE aluminum inventories continuously decreased by a huge 23,065 mt to 215,829 mt.

Traded prices for spot aluminum on July 15 in Shanghai were RMB 17,600-17,680/mt, with premiums of positive RMB 0-10/mt over SHFE current-month aluminum prices. At the beginning of spot trading hours in the morning, a few of transactions were reported at RMB 17,540-17,550/mt. Later as aluminum futures prices surged, spot aluminum prices climbed to RMB 17,580/mt. While SHFE aluminum prices kept rising, with SHFE current-month aluminum contract prices rising by nearly RMB 200/mt, spot aluminum quotes were mixed. Spot aluminum traders kept lifting their quotes to above RMB 17,650/mt, and spot premiums over SHFE current-month aluminum prices slightly rose as a result. However, no transaction was reported due to high prices. In the afternoon, though SHFE current-month aluminum prices fell, spot aluminum prices stood steady at RMB 17,620/mt. As wait-and-see attitude was strong among purchasers, transactions were rarely reported.


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