Home / Metal News / Steel & Iron Ore / SMM Daily Review - 2012/5/16 Aluminum Market
SMM Daily Review - 2012/5/16 Aluminum Market
May 17,2012 08:52CST
smm insight
Source:SMM
The most active SHFE aluminum contract for August delivery hit a high of RMB 16,020/mt in the morning but settled down RMB 70/mt or 0.44% at RMB 15,900/mt.

SHANGHAI, May 17 (SMM) – The most active SHFE aluminum contract for August delivery hit a high of RMB 16,020/mt in the morning but settled down RMB 70/mt or 0.44% at RMB 15,900/mt as losses in LME aluminum forced profit-taking by longs. Positions dropped 3,512 lots to 97,898 lots. Due to the strong bearish market sentiment, LME aluminum hit a new low of this year overnight, and will test support at USD 2,000/mt. SHFE aluminum therefore still face downside risks and may slip to as low as RMB 15,800/mt.

Spot aluminum traded at RMB 15,970-16,000/mt in Shanghai, at discounts of RMB 10-30/mt over the current-month SHFE aluminum price. The trading band is RMB 15,990-16,010/mt in Wuxi and RMB 15,990-16,010/mt in Hangzhou. The current-month moved to June and struggled at RMB 16,000/mt. Spot discounts widened amid supply sufficiency and weak buying. Most deals were done at the bottom. Resistance at RMB 16,000/mt was still strong.

aluminum price
aluminum Al
SHFE aluminum
spot aluminum
Shanghai
LME aluminum
Wuxi
Hangzhou

For queries, please contact Frank LIU at liuxiaolei@smm.cn

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

Related news