Home / Metal News / Lead / SMM Daily Review - 2011/11/11 Aluminum Market
SMM Daily Review - 2011/11/11 Aluminum Market
Nov 14,2011 08:55CST
smm insight
Source:SMM
The most active SHFE aluminum contract 1201 opened higher at RMB 16,110/mt on November 11, and closed RMB 145/mt or 0.91% higher at RMB 16,140/mt on November 11th.

SHANGHAI, Nov. 14 (SMM) – The most active SHFE aluminum contract 1201 opened higher at RMB 16,110/mt on November 11, and closed RMB 145/mt or 0.91% higher at RMB 16,140/mt after hitting the intraday high of RMB 16,175/mt. Positions of the contract decreased 7,364 lots to 84,166 lots. The contract needs to gather more upward momentum before breaking through the RMB 16,200/mt mark. The LME aluminum stock increased 17,070 mt to 139,013 mt as some goods holders held back waiting for delivery so as to avoid losses in the spot aluminum market.

Mainstream traded prices of spot aluminum in Shanghai were between RMB 16,070-16,100/mt on November 11th, at discounts of RMB 20-40/mt over the SHFE current-month aluminum price. The market confidence for a rebound in spot aluminum prices was boosted by gains of SHFE aluminum prices during the day. Stock replenishments at lower prices gradually increased during the last trading day of the week, which in turn damped goods holders’ selling interest at wide discounts over the SHFE current-month aluminum price. Though supply remained excessive, the market sentiment improved. Transactions were sparse in the afternoon, with mainstream traded prices of RMB 16,080-16,090/mt.

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