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SMM Brief Review - 2011/10/26 SHFE Aluminum Futures
Oct 26,2011 16:17CST
smm insight
Source:SMM
The most active SHFE 1201 aluminum contract closed RMB 95/mt or 0.58% lower at RMB 16,360/mt on October 26th.

SHANGHAI, Oct. 26 (SMM) – The SHFE 1201 aluminum contract has become the most active aluminum contract on October 26th. China’s Prime Minister Wen Jiabao said on the previous day that the country’s macro economic policies need to be fine-adjusted at times appropriate, this helped strengthening investors’ confidence, with the Shanghai Composite Index consolidating at the 2,400 mark and further climbing. SHFE copper prices also climbed slightly during the day. SHFE aluminum prices, however, provided little response to the remarks, with the most active SHFE aluminum contract closing RMB 95/mt or 0.58% lower at RMB 16,360/mt during the day. Transactions of the day contracted 65% to 40,000 lots, while positions of the contract increased 3,698 lots to 65,004 lots. Investors have turned to contracts for delivery in a longer time due to weak fundamentals of the aluminum market. The limited price gaps among different contracts, however, have lost most investors of their interest for the metal. SMM expects the most active SHFE aluminum contract to struggle at RMB 16,300/mt before its direction is determined by results from the EU Summit this evening.

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