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SMM Daily Review – 2011/12/23 Aluminum Market
Dec 26,2011 09:19CST
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Source:SMM
SHFE aluminum for three-month delivery closed RMB 115/mt or 0.73% higher at RMB 15,910/mt and spot aluminum traded between RMB 16,000-16,040/mt in Shanghai.

SHANGHAI, Dec. 26 (SMM) – SHFE aluminum for three-month delivery opened slightly higher at RMB 15,835/mt and closed RMB 115/mt or 0.73% higher at RMB 15,910/mt last Friday, supported by short covering after the Shanghai Composite Index returned above the 2,200 mark. Transactions climbed but stayed below 20,000 lots during the trading day and are expected to slip this coming week. Support for the RMB 15,900/mt mark seems to be weak according to performance during the day. The latest SHFE aluminum stock increased 2,420 mt to 191,941 mt.

Traded prices of spot aluminum in Shanghai were between RMB 16,000-16,040/mt on Friday, with discounts of RMB 10-50/mt over the SHFE current-month aluminum price. In the morning, SHFE aluminum prices opened higher with the SHFE current-month aluminum price testing RMB 16,050/mt. Several large enterprises replenished stocks at around RMB 16,000/mt by year’s end. In domestic spot markets, traders with large inventories were actively moving goods, even with expanded spot discounts. The remaining middlemen and traders with lower inventories began financial settlements and stayed away from the market. Transactions improved slightly on the whole. Quotations were sparse and fell between RMB 16,020-16,050/mt in the afternoon as the spot market was also overwhelmed by the Christmas atmosphere. Deals were rarely concluded.

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