Home / Metal News / Copper / SMM Daily Review – 2011/8/23 Aluminum Market
SMM Daily Review – 2011/8/23 Aluminum Market
Aug 24,2011 09:18CST
price review forecast
Source:SMM
Most active SHFE 1111 aluminum contract opened at RMB 17,235/mt and closed at RMB 17,290/mt, up RMB 55/mt or 0.32% on August 23rd. Spot aluminum in Shanghai was traded between RMB 17,760-17,800/mt.

SHANGHAI, Aug. 24 (SMM) – Most active SHFE 1111 aluminum contract prices opened at previous day closing price of RMB 17,235/mt on August 23rd, and closed at RMB 17,290/mt, up RMB 55/mt or 0.32% from previous trading day. Highest and lowest prices during the day were RMB 17,315/mt and RMB 17,190/mt. Though aluminum became the only base metal that gained in SHFE, its upward momentum is still lacked. SMM expects most active SHFE aluminum contract to keep fluctuating near RMB 17,250/mt in the short term due to low market sentiment.

Mainstream trading prices of spot aluminum in Shanghai were RMB 17,770-17,800/mt in the morning, with premiums of positive RMB 230-250/mt over SHFE current-month aluminum prices. Quotes of goods holders were firm in the morning backed by stable movements of SHFE aluminum prices, but several traders lowered their quotes to RMB 17,770/mt to promote transactions. However, transactions remained sluggish due to low buying interest among both downstream buyers and middlemen. In the afternoon, despite a slight gain of SHFE aluminum, mainstream trading prices of spot aluminum lowered to RMB 17,760-17,770/mt due to weak consumption. Market transactions were rarely reported as cargo holders were unwilling to sell.
 

aluminum price
aluminum Al

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news