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SMM Daily Review - 2012/5/10 Aluminum Market
May 11,2012 09:30CST
smm insight
Source:SMM
The most active SHFE aluminum contract for August delivery weakened for a fourth successive trading day settling down RMB 15/mt or 0.09% at RMB 16,145/mt on Thursday.

SHANGHAI, May 11 (SMM) – The most active SHFE aluminum contract for August delivery weakened for a fourth successive trading day settling down RMB 15/mt or 0.09% at RMB 16,145/mt on Thursday, after opening lower at RMB 16,150/mt. Positions added 6,884 lots to 96,014 lots. China will release its April CPI today, which will offer a direction. The weakening bearish sentiment will help the contract consolidate at RMB 16,100/mt.

Spot aluminum traded at RMB 16,060-16,080/mt in Shanghai, at no more than RMB 10/mt of discounts or premiums over the current-month aluminum contract. Continually falling SHFE aluminum prices caused successive losses in spot aluminum. Demand from downstream processors was weak. Goods holders’ willingness to move goods at low-end prices was weak. Spot aluminum traded near the current-month price. Deals were active only for those cheaper goods. Trading stayed light. In the afternoon, SHFE aluminum continued to stagnate. The wait-and-see sentiment prevailed in the spot market and deals were hardly heard.

aluminum price
aluminum Al
SHFE aluminum
spot aluminum
LME aluminum
Shanghai

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