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Home / Metal News / SMM Daily Review - 2012/4/27 Aluminum Market

SMM Daily Review - 2012/4/27 Aluminum Market

Apr 28, 2012 09:09

Source:SMM

The most active SHFE aluminum contract for July delivery closed down RMB 5/mt on Friday after moving narrowly between RMB 16,160-16,200/mt.

SHANGHAI, Apr. 28 (SMM) – The most active SHFE aluminum contract for July delivery closed down RMB 5/mt on Friday after moving narrowly between RMB 16,160-16,200/mt. Only slightly more than 5,000 contracts were transacted while positions dropped 1,256 lots to 63,994 lots. The 5-day moving average moved closer to the 20-day moving average. Base metals should continue to hover within a narrow band in the near term given weakness in manufacturing and housing sectors.

Spot aluminum traded between RMB 16,040-16,070/mt in Shanghai, at discounts of RMB 10-40/mt over the current-month SHFE aluminum contract. Most traders stood on the sidelines as stocks replenishment purchasing almost ended on the last trading day before May Day. There are also traders liquidating at discounts as wide as RMB 50/mt, though. Spot aluminum prices in Wuxi added more premiums over Shanghai spot prices due to supply tightness. Traded volume was quite light during the day.

aluminum price

aluminum Al

SHFE aluminum

spot aluminum

Shanghai

Wuxi

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