SMM Aluminum Market Daily Review (2013-1-4)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2013-1-4)

Price Review & Forecast 08:32:54AM Jan 05, 2013 Source:SMM

SHANGHAI, Jan. 5 (SMM) – SHFE 1303 aluminum contract prices briefly hit a high of RMB 15,420/mt after a high opening of RMB 15,395/mt on January 4, but later gave back earlier gains. Finally, the March aluminum on the SHFE ended the day down RMB 20/mt or 0.13% at RMB 15,315/mt. Positions were up 464 lots to 65,588 lots. LME aluminum fell back after hitting high, curbing gains of SHFE aluminum prices, which were stagnant due to short selling. The most active SHFE aluminum contract is expected to continue to test support at RMB 15,300/mt in the short term. Latest SHFE aluminum inventories increased by 4,641 mt to 446,936 mt.

Spot aluminum was mainly traded at RMB 15,060-15,080/mt in Shanghai on Friday, with discounts at RMB 50-70/mt. Low-iron aluminum was traded at RMB 15,110-15,130/mt. SHFE 1303 aluminum contract prices moved lower after a high opening on the first trading day of 2013, triggering strong wait-and-see sentiment in spot market. Cargo holders moved limited goods, helping aluminum prices stabilize at RMB 15,060/mt. Downstream producers showed little interest in stock replenishment, leaving trading light. In the afternoon, SHFE current-month aluminum contracts moved weakly. Traders held beck goods, with sparse quotations seen at RMB 15,080-15,090/mt. Only a few middlemen went bargain-hunting, but a lack of low-priced goods depressed overall trading.
 

SMM Aluminum Market Daily Review (2013-1-4)

Price Review & Forecast 08:32:54AM Jan 05, 2013 Source:SMM

SHANGHAI, Jan. 5 (SMM) – SHFE 1303 aluminum contract prices briefly hit a high of RMB 15,420/mt after a high opening of RMB 15,395/mt on January 4, but later gave back earlier gains. Finally, the March aluminum on the SHFE ended the day down RMB 20/mt or 0.13% at RMB 15,315/mt. Positions were up 464 lots to 65,588 lots. LME aluminum fell back after hitting high, curbing gains of SHFE aluminum prices, which were stagnant due to short selling. The most active SHFE aluminum contract is expected to continue to test support at RMB 15,300/mt in the short term. Latest SHFE aluminum inventories increased by 4,641 mt to 446,936 mt.

Spot aluminum was mainly traded at RMB 15,060-15,080/mt in Shanghai on Friday, with discounts at RMB 50-70/mt. Low-iron aluminum was traded at RMB 15,110-15,130/mt. SHFE 1303 aluminum contract prices moved lower after a high opening on the first trading day of 2013, triggering strong wait-and-see sentiment in spot market. Cargo holders moved limited goods, helping aluminum prices stabilize at RMB 15,060/mt. Downstream producers showed little interest in stock replenishment, leaving trading light. In the afternoon, SHFE current-month aluminum contracts moved weakly. Traders held beck goods, with sparse quotations seen at RMB 15,080-15,090/mt. Only a few middlemen went bargain-hunting, but a lack of low-priced goods depressed overall trading.