Metals News
SMM Daily Review - 2012/7/4 Aluminum Market
price review forecast
09:27AM
Jul 5,2012
Source:SMM

SHANGHAI, Jul. 5 (SMM) – The most active SHFE aluminum contract for October delivery gapped higher at RMB 15,595/mt on Wednesday, following an overnight surge in LME aluminum prices. The light metal showed more resistance to losses than other base metals, but also a lack of upward momentum, hitting a high of only RMB 15,685/mt. Even though other base metals trimmed gains in the afternoon, the contract stabilized as shorts took profits, before settling up RMB 185/mt or 1.2% at RMB 15,645/mt. Positions dropped 4,380 lots to 112,852 lots. Though shorts begin taking profits, longs have stayed on the sidelines, so the contract is expected to see relatively weak support at RMB 15,600/mt.

Spot aluminum traded at RMB 15,690-15,720/mt in Shanghai, at discounts of RMB 20-50/mt over the current-month SHFE aluminum price. Low-iron aluminum was sold at RMB 15,800-15,820/mt. The most active SHFE aluminum contract gapped higher following an overnight surge in LME aluminum prices, but its upward momentum turned out to be weak. Cold downstream response to higher aluminum prices dragged the mainstream trading band lower. Traders were quite open to talks for shipments while buying was extremely weak. Deals were quite limited as a result.

most active SHFE aluminum contract
LME aluminum prices
spot aluminum
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 Price

No Data