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SMM Daily Review - 2011/11/3 Aluminum Market
Nov 4,2011 09:05CST
price review forecast
The most active SHFE 1201 aluminum contract closed at RMB 16,140/mt, down RMB 40/mt or 0.25%, spot aluminum was traded between RMB 16,170-16,210/mt in Shanghai.

SHANGHAI, Nov. 4 (SMM) – The most active SHFE 1201 aluminum contract opened slightly higher at RMB 16,200/mt on November 3rd. Though the Shanghai Composite Index consolidated at the 2,500 points mark, the bearish sentiment still prevailed due to worries towards the Greek referendum. Both longs and shorts were cautious as the G20 Summit was being held, with transactions volumes falling to less than 25,000 lots. The contract erased gains of the day at the tail of trading due to concentrated short selling, and finally closed at RMB 16,140/mt, down RMB 40/mt or 0.25% from the previous trading day. Positions of the contract increased 1,940 lots to 76,580 lots. The most active aluminum contract is not likely to break through the RMB 16,200/mt mark without stimulus from positive news.

Traded prices of spot aluminum in Shanghai were between RMB 16,170-16,210/mt on November 3rd, with premiums of RMB 0-40/mt over the SHFE current-month aluminum price. In the morning, SHFE aluminum prices’ rebound failure built resistance for spot aluminum at RMB 16,200/mt. The buying interest was low during initial trading, but rose later. Market supply of branded aluminum for delivery was tight. Goods holders divided on quotations. Spot prices slipped earlier but rebounded later. The market sentiment was slightly active. In the afternoon, the bullish market sentiment quickly cooled after the SHFE current-month aluminum price slipped. Goods holders’ selling interest, however, also turned low. Quotations were spare but steady between RMB 16170-16190/mt. Transactions were quite limited.

aluminum price
aluminum Al
SHFE aluminum
Shanghai spot aluminum

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