SMM Daily Review - 2012/2/22 Aluminum Market-Shanghai Metals Market

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SMM Daily Review - 2012/2/22 Aluminum Market

SMM Insight 08:53:23AM Feb 23, 2012 Source:SMM

SHANGHAI, Feb. 23 (SMM) – Encouraged by strong performance of LME aluminum, SHFE three-month aluminum gapped higher at RMB 16,245/mt and hit a high of RMB 16,260/mt before securing gains of RMB 70/mt or 0.43% at RMB 16,250/mt at the end of trading on Wednesday. Transactions increased 6,598 lots to 14,460 lots, a two week high. Despite the latest rebound, SMM expects the contract to continue test of RMB 16,200/mt in the near term as weak demand and high stocks still weigh on aluminum prices.

Spot aluminum prices stayed between RMB 15,880-15,900/mt in Shanghai, at discounts of RMB 110-130/mt over the SHFE current-month aluminum price. Low-iron aluminum traded between RMB 15,970-15,990/mt. Only traders were active in the spot market, open to discussions on either outbound or inbound goods as futures prices climbed, which to a certain extent led to wider discounts.

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Daily Review - 2012/2/22 Aluminum Market

SMM Insight 08:53:23AM Feb 23, 2012 Source:SMM

SHANGHAI, Feb. 23 (SMM) – Encouraged by strong performance of LME aluminum, SHFE three-month aluminum gapped higher at RMB 16,245/mt and hit a high of RMB 16,260/mt before securing gains of RMB 70/mt or 0.43% at RMB 16,250/mt at the end of trading on Wednesday. Transactions increased 6,598 lots to 14,460 lots, a two week high. Despite the latest rebound, SMM expects the contract to continue test of RMB 16,200/mt in the near term as weak demand and high stocks still weigh on aluminum prices.

Spot aluminum prices stayed between RMB 15,880-15,900/mt in Shanghai, at discounts of RMB 110-130/mt over the SHFE current-month aluminum price. Low-iron aluminum traded between RMB 15,970-15,990/mt. Only traders were active in the spot market, open to discussions on either outbound or inbound goods as futures prices climbed, which to a certain extent led to wider discounts.