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SMM Daily Review - 2011/9/21 Aluminum Market
Sep 22,2011 09:06CST
price review forecast
Source:SMM
Most active SHFE 1111 aluminum contract closed at RMB 17,290/mt, up RMB 115/mt or 0.67%. Traded prices of spot aluminum in Shanghai were between RMB 17,530-17,560/mt.

SHANGHAI, Sept. 22 (SMM) – Most active SHFE 1111 aluminum contract opened lower at RMB 17,155/mt on September 21st, and rebounded later with climbing Shanghai stock prices to broke through the 5-day moving average. The contract remained strong in the afternoon, and finally closed at RMB 17,290/mt, up RMB 115/mt or 0.67% from previous trading day. Positions of the contract decreased 5,576 lots to 103,036 lots. Position transfer to SHFE 1112 aluminum contract continued during the day.

Traded prices of spot aluminum in Shanghai were between RMB 17,530-17,560/mt on September 21st, with premiums of RMB 100-120/mt over SHFE current-month aluminum price. Mainstream traded prices of spot aluminum climbed in the morning with gaining SHFE aluminum prices. Goods holders’ selling interest at lower prices was weak and downstream buyers were slightly cautious. Transactions slightly rose in the market, but were mainly reselling among traders. In the afternoon, as SHFE aluminum prices remained strong with current-month aluminum price climbing to RMB 17,450/mt, goods holders became unwilling to sell their goods. Quotations were also lifted to RMB 17,580/mt by traders, whereas transactions were rarely seen.

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