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SMM Daily Review - 2011/12/20 Aluminum Market
Dec 21,2011 09:25CST
smm insight
Source:SMM
SHFE aluminum for three-month delivery closed little changed from the previous trading day at RMB 15,750/mt and spot aluminum traded between RMB 15,890-15,920/mt in Shanghai.

SHANGHAI, Dec. 21 (SMM) – SHFE aluminum for three-month delivery opened at RMB 15,740/mt and closed little changed from the previous trading day at RMB 15,750/mt on Tuesday. Positions for the three-month contract increased 1,154 lots to 75,552 lots. The weakness in LME aluminum had restrained gains in SHFE aluminum comparing other base metals in SHFE. SMM expects the contract to struggle near RMB 15,700/mt in the near term as strong pressure exists at the 5-day moving average and its upward momentum is weak.

Traded prices of spot aluminum in Shanghai were between RMB 15,890-15,920/mt on Tuesday, with discounts of RMB 0-20/mt over the SHFE current-month aluminum price. In the morning, SHFE aluminum prices were not likely to rebound, boosting selling interest among goods holders, but sluggish consumption caused discounts to expand narrowly. Meanwhile, most goods holders held firm at RMB 15,900/mt mark, so main transactions were done at the mark or at low prices. Trading volumes were limited. In the afternoon, the SHFE current-month aluminum contract showed stronger upward momentum, which led to low selling interest among traders. Only sparse deals at RMB 15,900/mt were seen and no deals were reported thereafter.

aluminum price
aluminum Al
SHFE aluminum
LME aluminum
spot aluminum

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