Metals News
SMM Daily Review - 2012/1/20 Aluminum Market
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SHANGHAI, Jan. 21 (SMM) – SHFE 1204 aluminum prices, the most actively traded contract, opened at RMB 16,355/mt on Friday and moved down with pressure at moving averages in the morning. In the afternoon, boosted by Chinese domestic stocks, prices moved up to test RMB 16,400/mt. At the tail of trading, as market players were cautious on the last day before the Chinese New Year, SHFE 1204 aluminum prices fell slightly and finally closed at RMB 16,395/mt, up RMB 35/mt, increasing by 0.21%. Positions declined by 1,870 lots to 57,654 lots. As for post-holiday market, SHFE 1204 aluminum prices will be influenced by LME aluminum prices.

In domestic spot markets, traded prices for main transactions were between RMB 16,040-16,080/mt, with discounts of RMB 160-120/mt over the SHFE current-month aluminum contract price. On the last trading day ahead of the Chinese New Year, most traders and downstream enterprises were already in holiday, leaving few transactions done in the market. Although several deals were made in East China markets, delivery date for goods was postponed.

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