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SMM Daily Review – 2011/8/12 Aluminum Market
Aug 15,2011 09:05CST
price review forecast
Source:SMM
SHANGHAI, Aug. 15 (SMM) – Most active SHFE 1110 aluminum contract price opened higher at RMB 17,720/mt on August 12th,

SHANGHAI, Aug. 15 (SMM) – Most active SHFE 1110 aluminum contract price opened higher at RMB 17,720/mt on August 12th, but fluctuated downward later erasing previous day gains as a result of short buying at high levels and exiting capital during the week end. Finally closed price was RMB 17,440/mt, down RMB 155/mt or 0.88%. Despite rising of other metals prices, most active SHFE aluminum contract price fell on August 12th following a four-day rise, with positions decreasing by over 10,000 lots. However, support at the five-day moving average remained strong, and most active SHFE 1110 aluminum contract is expected to break through RMB 17,800/mt after a short-term fluctuation. SHFE 1110 aluminum contract transactions surpassed those of SHFE 1110 aluminum contract, and positions of the two contracts were also near, therefore SHFE aluminum 1111 aluminum contract is expected to become the most active one on August 15th. Latest SHFE aluminum stock fell by 8,706 mt to 149,424 mt.

Mainstream trading prices of spot aluminum in Shanghai on August 12th were between RMB 18,060-18,090/mt, with premiums of negative RMB 20/mt to positive RMB 20/mt over SHFE current-month aluminum contract prices. In the morning, with strong bearish sentiment backed by falling SHFE aluminum prices, consumers exited the market, which dragged mainstream spot trading prices to nearly zero premiums, and only a few transactions at lower prices were reported. In the afternoon, though SHFE current-month aluminum prices fell below RMB 18,000/mt, only a few quotes steady at RMB 18,000-18,020/mt were reported due to unwillingness to sell among traders. Market inquiries were also rare, therefore transactions were sluggish.


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