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SMM Daily Review - 2012/5/17 Aluminum Market
May 18,2012 08:53CST
smm insight
Source:SMM
The most active SHFE aluminum contract for August delivery opened at RMB 15,970/mt and closed up RMB 140/mt or 0.88% at RMB 16,040/mt.

SHANGHAI, May 18 (SMM) – The most active SHFE aluminum contract for August delivery opened at RMB 15,970/mt and closed up RMB 140/mt or 0.88% at RMB 16,040/mt, as a rebound in the Shanghai Composite Index helped it end the nearly two-week losing streak. Positions dropped 5,560 lots to 92,338 lots and transacted contracts lost 1,908 lots to 12,118 lots. Resistance at the 10-dat moving average has yet to be tested after its breakthrough of the 5-day moving average.

Spot aluminum traded at RMB 15,960-15,990/mt in Shanghai, at discounts of RMB 10-40/mt over the current-month aluminum price. The trading range in Wuxi is RMB 15,990-16,010/mt and is RMB 15,980-16,000/mt in Hangzhou. Some goods held quotations firm, but as the traded volume dropped due to the prevailing bearish sentiment downstream, spot prices also slipped.

aluminum price
aluminum Al
SHFE aluminum
spot aluminum
Shanghai
Wuxi
Hangzhou

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