Home / Metal News / SMM Daily Review - 2012/2/29 Aluminum Market

SMM Daily Review - 2012/2/29 Aluminum Market

iconMar 1, 2012 08:53
Source:SMM
The most active SHFE aluminum contract for delivery in May closed down RMB 10/mt or 0.06% at RMB 16,250/mt during Wednesday’s trading.

SHANGHAI, Mar. 1 (SMM) – The most active SHFE aluminum contract for delivery in May closed down RMB 10/mt or 0.06% at RMB 16,250/mt during Wednesday’s trading. The moving band is RMB 16,235-16,275/mt. Transactions were less than 8,000 lots. The contract has been stagnant even in the face of gains in LME aluminum and SHFE copper prices. Support at the 5-day moving average has prevented heavy losses in the contract, though. SMM expects the SHFE three-month aluminum contract to see longer stagnation in the near term.

Spot aluminum traded between RMB 15,880-15,910/mt, at discounts of RMB 130-160/mt over the SHFE current-month aluminum price in Shanghai. The low end dropped slightly to RMB 15,880/mt due to tight cash flow at month’s end and losses in SHFE aluminum prices. Trading stayed light as supply was sufficient while demand is weak.

aluminum price
aluminum Al
SHFE aluminum
spot aluminum
LME aluminum

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All