SMM Daily Review: 2012/4/6 Aluminum Market -Shanghai Metals Market

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SMM Daily Review: 2012/4/6 Aluminum Market

SMM Insight 09:34:37AM Apr 09, 2012 Source:SMM

Shanghai Apr. 9 (Shanghai) – With the lack of direction from LME aluminum market, SHFE 1206 aluminum contract, the most active one, opened slightly up at RMB 16,115/mt on Friday. In earlier session, SHFE three-month aluminum prices climbed above the 5-day moving averages after finding support at RMB 16,100/mt. With the absence of strong long positions, SHFE three-month aluminum prices did not reach RMB 16,200/mt. Finally, SHFE aluminum prices finished at RMB 16,190/mt, up RMB 125/mt or 0.78%.

In the short term, SHFE three-month aluminum prices are expected to stabilize at the 5-day moving averages and may climb above RMB 16,200/mt, along with possibility of reserve requirement cuts in China, and rumors of production cuts at aluminum producers.
 

SMM Daily Review: 2012/4/6 Aluminum Market

SMM Insight 09:34:37AM Apr 09, 2012 Source:SMM

Shanghai Apr. 9 (Shanghai) – With the lack of direction from LME aluminum market, SHFE 1206 aluminum contract, the most active one, opened slightly up at RMB 16,115/mt on Friday. In earlier session, SHFE three-month aluminum prices climbed above the 5-day moving averages after finding support at RMB 16,100/mt. With the absence of strong long positions, SHFE three-month aluminum prices did not reach RMB 16,200/mt. Finally, SHFE aluminum prices finished at RMB 16,190/mt, up RMB 125/mt or 0.78%.

In the short term, SHFE three-month aluminum prices are expected to stabilize at the 5-day moving averages and may climb above RMB 16,200/mt, along with possibility of reserve requirement cuts in China, and rumors of production cuts at aluminum producers.