Home / Metal News / Zinc / SMM Daily Review - 2011/11/8 Aluminum Market
SMM Daily Review - 2011/11/8 Aluminum Market
Nov 9,2011 09:05CST
price review forecast
Source:SMM
The most active SHFE aluminum contract 1201 closed at RMB 16,235/mt, down RMB 75/mt or 0.46%, spot alumium was traded between RMB 16,200-16,240/mt in Shanghai.

SHANGHAI, Nov. 9 (SMM) – The most active SHFE aluminum contract 1201 opened slightly lower at RMB 16,250/mt on November 8th. Transactions only hit 150,000 lots during the day. The contract attempted for several times to break through the RMB 16,300/mt mark but ended in failure. Final price of the contract was RMB 16,235/mt, down RMB 75/mt or 0.46% from the previous trading day. Positions of the contract decreased 1,570 lots to 73,384 lots. Contracts with longer delivery terms were still stronger. The fluctuation range narrowed as a result of limited transactions. SMM expects the most active SHFE aluminum contract to continue test of the RMB 16,200/mt mark.

Traded prices of spot aluminum in Shanghai were between RMB 16,200-16,240/mt on November 8th, with discounts of RMB 30/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. In the morning, with stagnating SHFE aluminum prices, spot discounts over the SHFE current-month aluminum price widened as a result of weak demand and bearish market sentiment. Transactions were sparse. In the afternoon, with little change in the SHFE current-month aluminum price, the wait-and-see sentiment gained strength among goods holders. Sparse quotations in the afternoon did not change much from morning quotations. The buying interest among downstream buyers and middlemen was quote low. Transactions were hardly reached.

aluminum price
aluminum Al
SHFE aluminum
Shanghai spot aluminum

For queries, please contact Frank LIU at liuxiaolei@smm.cn

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

Related news