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SMM Daily Review - 2011/12/2 Aluminum Market
Dec 5,2011 09:03CST
smm insight
Source:SMM
The most active SHFE three-month aluminum contract closed RMB 30/mt or 0.18% higher at RMB 16,255/mt. Spot aluminum was traded between RMB 16,250-16,280/mt in Shanghai.

SHANGHAI, Dec. 5 (SMM) – The most active SHFE three-month aluminum contract opened slightly higher at RMB 16,240/mt and closed at RMB 16,255/mt on December 2nd gaining RMB 30/mt or 0.18%. Though a power rate hike which means higher production cost will provide some support for the contract, weak consumption will limit its upward pace. As such, SMM expects the contract to struggle near RMB 16,250/mt in the near term. The latest SHFE aluminum stock decreased 2,159 mt to 177,415 mt.

Traded prices of spot aluminum in Shanghai were between RMB 16,250-16,280/mt on Friday, with premiums of RMB 0-30/mt over the SHFE current-month aluminum price. In the morning, SHFE aluminum prices struggled at RMB 16,240/mt lacking upward momentum, which resulted in a sluggish spot market. Traders lowered quotations due to low downstream buying interest, with spot premiums over the SHFE current-month aluminum price narrowing to near zero. Transactions were relatively limited on the whole. In the afternoon, the SHFE current-month aluminum price was little changed and purchases were rarely due to the coming weekend, with sparse deals being seen between RMB 16,250-16,260/mt.

aluminum price
aluminum Al
SHFE
Shanghai spot aluminum

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