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SMM Daily Review – 2011/11/23 Aluminum Market
Nov 24,2011 09:08CST
smm insight
Source:SMM
The most active SHFE aluminum contract 1202 closed at RMB 15,870/mt, down RMB 75/mt or 0.47%, spot aluminum was traded between RMB 15,900-15,930/mt in Shanghai.

SHANGHAI, Nov. 24 (SMM) – After opening slightly higher at RMB 15,965/mt, the most active SHFE aluminum contract 1202 slipped quickly as the significantly contracted HSBC PMI stoke investor worries. The contract finally closed at RMB 15,870/mt, down RMB 75/mt or 0.47% from the previous trading day. Positions of the contract increased 7,574 lots to 83,838 lots. The contraction of domestic manufacturing industry added to worries caused by the European debt crisis. SMM expects the most active SHFE aluminum contract to find support at RMB 15,800/mt as the drop continues.

Traded prices of spot aluminum in Shanghai were between RMB 15,900-15,930/mt on Wednesday, with discounts of RMB 20/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. In the morning, the SHFE current-month aluminum price rose slightly to RMB 15,900/mt limited by inadequate upward momentum. Some goods holders remained unwilling to move goods, which drove spot aluminum prices to above RMB 15,900/mt. Supply was sufficient at the price, however. Downstream buyers still purchased on an as-needed basis. Middlemen’s increased buying interest at lower prices led to slightly active transactions at the range. In the afternoon, the SHFE current-month aluminum price stagnated near RMB 15,900/mt. Spot quotations were sparse and fell between RMB 15,900-15,910/mt. The wait-and-see sentiment was strong among buyers, with inquiries being rarely reported. Transactions were quite rare as a result.

aluminum price
aluminum Al
SHFE aluminum
Shanghai spot aluminum
HSBC PMI

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