Home / Metal News / SMM Daily Review - 2011/10/27 Aluminum Market

SMM Daily Review - 2011/10/27 Aluminum Market

iconOct 28, 2011 09:03
Source:SMM
The most active SHFE 1201 aluminum contract closed at RMB 16,440/mt, up RMB 60/mt or 0.37% on October 27th, spot aluminum was traded between RMB 16,450-16,500/mt in Shanghai

SHANGHAI, Oct. 28 (SMM) – The most active SHFE 1201 aluminum contract opened at RMB 16,400/mt on October 27th. After temporarily hitting RMB 16,520/mt the intraday high, the contract quickly slipped and finally closed at RMB 16,440/mt, up RMB 60/mt or 0.37% from the previous trading day. Positions of the contract increased 54 lots to 65,058 lots. Traded volumes during the day were only 30,000 lots. More investors turned to contracts for delivery in a longer time. SMM believes that the most active aluminum contract needs to gather more momentum if it wants to break through the RMB 16,500/mt mark.

Traded prices of spot aluminum in Shanghai were between RMB 16,450-16,500/mt on October 27th, with premiums of RMB 20-40/mt over the SHFE current-month aluminum price.

In the morning, the SHFE current-month aluminum price narrowly fluctuated above RMB 16,400/mt, but lacked momentum to climb. Downstream demand was weak due to order insufficiency. The bearish sentiment gained strength among goods holders, with quotations being lowered to attract buyers but only to meet little response. Market transactions remained limited.

In the afternoon, the SHFE current-month aluminum price continued to fluctuate within a narrow range. Goods holders’ worries towards stagnation in aluminum prices eased following a EU deal to solve the region’s debt crisis and Chinese government’s signals to provide fine macro economic regulations, with goods movement rarely seen. Only a small volume of spot aluminum was traded between RMB 16,450-16,470/mt. Most quotations were above the RMB 16,500/mt mark. Market transactions were limited.
 

aluminum price
aluminum Al
SHFE aluminum
Shanghai spot aluminum

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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

Related news

SMM Events & Webinars

All