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SMM Daily Review - 2011/9/22 Aluminum Market
Sep 23,2011 09:10CST
price review forecast
Source:SMM
Most active SHFE 1112 aluminum contract closed at RMB 16,980/mt, down RMB 120/mt or 0.7%. Traded prices of spot aluminum in Shanghai were between RMB 17,500-17,540/mt.

SHANGHAI, Sept. 23 (SMM) – Most active SHFE aluminum contract was changed to 1112 on September 22nd, and opened lower at RMB 17,005/mt in the morning. The contract dropped to an intraday low of RMB 16,860/mt later due to falling stock prices and strengthening US dollar, and finally closed at RMB 16,980/mt, down RMB 120/mt or 0.7% from previous trading day. Positions of the contract increased 8,822 lots to 107,680 lots. SMM expects SHFE aluminum prices to maintain a downward trend in the short term given strengthening US dollar and worsening debt issues in Europe.

Traded prices of spot aluminum in Shanghai were between RMB 17,500-17,540/mt on September 22nd, with premiums of RMB 120-160/mt over SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,580-17,620/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,500-17,520/mt. In the morning, most active SHFE aluminum contract changed to 1112 with a stabilizing price, and spot quotations were held stable in response. Middle men were active in the market, but downstream buying interest remained low. In the afternoon, as SHFE aluminum price slipped, no purchases was seen in the market. Market transactions during the day were moderate.

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