Metals News
SMM Daily Review - 2012/7/10 Aluminum Market
price review forecast
09:18AM
Jul 11,2012
Source:SMM

SHANGHAI, Jul. 11 (SMM) – The most active SHFE aluminum contract for October delivery opened slightly higher at RMB 15,585/mt and found its high at RMB 15,645/mt, before falling back to close down a slight RMB 5/mt or 0.03% at RMB 15,520/mt as short selling increased. Positions added a marginal 740 lots to 110,060 lots. Heavy pressure was met at the 5-day moving average. As spot aluminum consumption remains soft, the contract is expected to test support at RMB 15,500/mt for the near term.

Spot aluminum was traded at RMB 15,600-15,630/mt in Shanghai, at discounts of RMB 50-80/mt over current-month SHFE aluminum prices. Low-iron aluminum was sold at RMB 15,690-15,710/mt. In the morning session, though SHFE aluminum rebounded slightly with the current-month contract moving up to test resistance at RMB 15,700/mt, spot aluminum prices failed to follow due to weak consumption. Discounts expanded to near RMB 100/mt, with a few quotations of RMB 15,590/mt seen as traders lower prices to promote sales. Trading nevertheless remained light due to weak buying. Quotations stagnated within RMB 15,590-15,600/mt in the afternoon as SHFE aluminum trimmed gains. Trading was quiet, however, as purchases were hardly seen.

most active SHFE aluminum contract
aluminum prices
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