SMM Daily Review - 2012/7/6 Aluminum Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Copper
  • Nickel
  • Copper scrap
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Evening comments
  • Tin
  • Market commentary
  • Production data
  • inventory

SMM Daily Review - 2012/7/6 Aluminum Market

Price Review & Forecast 09:03:31AM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – The most active SHFE aluminum contract for October delivery started at RMB 15,640/mt and settled down RMB 80/mt or 0.51% at RMB 15,605/mt on Friday, rebounding from the intraday low of RMB 15,540/mt as recovery of the Shanghai Composite Index induced profit-taking by shorts. The Chinese central bank’s interest rate cuts seem to provide little help, with the contract struggling near the 20-day moving average. Transacted contracts dropped 10086 lots while total positions added 914 lots to 108,872 lots.

Mainstream traded prices of spot aluminum were RMB 15,620-15,670/mt in Shanghai, with discounts of RMB 0-50/mt over current-month SHFE aluminium prices. The light metal was traded near RMB 15,650/mt during early trading. Traded prices dropped to RMB 15,620/mt in the afternoon as SHFE aluminum prices slipped. Supply remained ample while buying weak, with trading turning lighter day by day.

SMM Daily Review - 2012/7/6 Aluminum Market

Price Review & Forecast 09:03:31AM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – The most active SHFE aluminum contract for October delivery started at RMB 15,640/mt and settled down RMB 80/mt or 0.51% at RMB 15,605/mt on Friday, rebounding from the intraday low of RMB 15,540/mt as recovery of the Shanghai Composite Index induced profit-taking by shorts. The Chinese central bank’s interest rate cuts seem to provide little help, with the contract struggling near the 20-day moving average. Transacted contracts dropped 10086 lots while total positions added 914 lots to 108,872 lots.

Mainstream traded prices of spot aluminum were RMB 15,620-15,670/mt in Shanghai, with discounts of RMB 0-50/mt over current-month SHFE aluminium prices. The light metal was traded near RMB 15,650/mt during early trading. Traded prices dropped to RMB 15,620/mt in the afternoon as SHFE aluminum prices slipped. Supply remained ample while buying weak, with trading turning lighter day by day.