SMM Daily Review - 2012/2/23 Aluminum Market-Shanghai Metals Market

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SMM Daily Review - 2012/2/23 Aluminum Market

SMM Insight 08:51:43AM Feb 24, 2012 Source:SMM
 SHANGHAI, Feb. 24 (SMM) – The most active SHFE three-month aluminum contract hit a low of RMB 16,200/mt and rebounded backed by short covering before finally closing down RMB 10/mt or 0.06% at RMB 16,225/mt on Thursday. SMM expects the contract to continue test of RMB 16,200/mt given weakness in both spot and futures markets.
 
Spot aluminum mainly traded between RMB 15,870-15,900/mt in Shanghai, at wider discounts of RMB 160-180/mt over the SHFE current-month aluminum price due to low buying interest in the face of falling futures prices. Branded ingots featuring inferior qualities contributed the majority of deals done at the low-end. Quotations were between RMB 15,860-15,880/mt in the afternoon but deals were hardly concluded due to strong wait-and-see sentiment.

Price

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Gold(99.99%)
Apr.18
278.1
-1.5
(-0.54%)
Gold(99.95%)
Apr.18
278.6
-0.9
(-0.33%)
#1 Silver(99.99%)
Apr.18
3501.0
0.0
(0.00%)
Silver(99.95%)
Apr.18
3486.0
0.0
(0.00%)
Silver(99.90%)
Apr.18
3471.0
0.0
(0.00%)

SMM Daily Review - 2012/2/23 Aluminum Market

SMM Insight 08:51:43AM Feb 24, 2012 Source:SMM
 SHANGHAI, Feb. 24 (SMM) – The most active SHFE three-month aluminum contract hit a low of RMB 16,200/mt and rebounded backed by short covering before finally closing down RMB 10/mt or 0.06% at RMB 16,225/mt on Thursday. SMM expects the contract to continue test of RMB 16,200/mt given weakness in both spot and futures markets.
 
Spot aluminum mainly traded between RMB 15,870-15,900/mt in Shanghai, at wider discounts of RMB 160-180/mt over the SHFE current-month aluminum price due to low buying interest in the face of falling futures prices. Branded ingots featuring inferior qualities contributed the majority of deals done at the low-end. Quotations were between RMB 15,860-15,880/mt in the afternoon but deals were hardly concluded due to strong wait-and-see sentiment.