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SMM Daily Review - 2011/11/10 Aluminum Market
Nov 11,2011 09:14CST
smm insight
Source:SMM
The most active SHFE aluminum contract 1201 closed RMB 330/mt or 2.03% lower at RMB 15,955/mt, Shanghai spot aluminum was traded between RMB 16,030-16,060/mt.

SHANGHAI, Nov. 11 (SMM) – The most active SHFE aluminum contract 1201 opened much lower at RMB 16,000/mt on November 10th, and stayed near the opening price before finally closing RMB 330/mt or 2.03% lower at RMB 15,955/mt. Transactions during the day surged to 108,500 lots and positions of the contract increased 18,188 lots to 91,530 lots. With the Italian debt issue pushing the Euro zone to a dangerous edge, the most active SHFE aluminum contract is expected to slip further.

Shanghai spot aluminum was traded between RMB 16,030-16,060/mt on November 10th, with premiums of RMB 20-40/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,120-16,160/mt. Traded prices of spot aluminum in Wuxi were between RMB 16,000-16,040/mt. The bearish market sentiment gained strength after the SHFE current-month aluminum price dropped to near RMB 16,000/mt during the day. Spot aluminum prices also plunged to a new low of the year. Goods holders held their quotations firm above RMB 16,000/mt, which reversed previous discounts over the SHFE current-month aluminum price to premiums. The buying interest at lower prices was moderate.

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Shanghai spot aluminum

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