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Home / Metal News / SMM Daily Review - 2012/3/8 Aluminum Market

SMM Daily Review - 2012/3/8 Aluminum Market

Mar 9, 2012 08:59

Source:SMM

The most active SHFE aluminum contract for May delivery closed lower at RMB 16,140/mt on Thursday due to stop-loss of longs.

SHANGHAI, Mar. 9 (SMM) – Despite the climbing Shanghai Composite Index, the most active SHFE aluminum contract for May delivery closed lower at RMB 16,140/mt on Thursday due to stop-loss of longs. Transacted contracts dropped to 3,098 lots while positions fell 288 lots to 51,190 lots. SMM expects the contract to move in the narrow range between the 5-day and 30-day moving averages.

Spot aluminum traded between RMB 15,900-15,930/mt in Shanghai, at discounts of RMB 40-70/mt over the SHFE current-month aluminum price. Low-iron aluminum traded between RMB 16,000-16,020/mt. Spot aluminum prices in Wuxi were between RMB 15,900-15,930/mt. After the high-end of SHFE aluminum prices climbed slightly, deals increased, but stayed light due to excessive supply.

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