Metals News
SMM Daily Review - 2012/5/23 Aluminum Market
smm insight
09:08AM
May 24,2012
Source:SMM

SHANGHAI, May 24 (SMM) – The most active SHFE aluminum contract for August delivery closed down RMB 90/mt or 0.56% at RMB 16,000/mt on Wednesday, after gapping lower at RMB 16,010/mt and slipping to RMB 15,970/mt the intraday low. SHFE aluminum prices tracked movement of LME aluminum. Positions and transactions of the September contract increased noticeably, signaling a rollover. The most active SHFE aluminum contract is expected to struggle near RMB 16,000/mt as the market sentiment is expected to remain slightly bearish.

Spot aluminum traded at RMB 15,970-16,000/mt in Shanghai, at discounts within RMB 10/mt and premiums no more than RMB 20/mt over current-month SHFE aluminum prices. The trading band is RMB 15,980-16,000/mt in Wuxi and RMB 15,970-15,990/mt in Hangzhou. SHFE aluminum gapped lower and the current-month failed to recover the RMB 16,000/mt mark, weighing on spot aluminum prices. Mainstream traded prices of aluminum spot dropped below 16,000/mt. Goods holding at low prices induced deals at slight premiums. The downstream buying interest stayed weak, though, with purchases done only as-needed and at low prices. The overall traded volume stayed light as a result.

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SHFE aluminum
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