SMM Brief on SHFE Aluminum Futures: Prices Retreat from RMB 15,300/Mt after A Low Opening (2013-1-7)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Retreat from RMB 15,300/Mt after A Low Opening (2013-1-7)

SMM Insight 04:07:39PM Jan 07, 2013 Source:SMM

SHANGHAI, Jan. 7 (SMM) – SHFE 1303 aluminum contract prices opened lower at RMB 15,310/mt on January 7. Trading activity was muted, with trading volumes a mere over 5,000 lots. The contract hovered near RMB 15,300/mt in the morning, but retreated below the mark in the afternoon due to sell-off. Finally, the March aluminum on the SHFE ended the day down RMB 85/mt or 0.55% at an intraday low of RMB 15,265/mt. Positions were up 48 lots to 65,636 lots. SHFE aluminum prices drifted lower after a low opening due to falling LME aluminum prices, but still showed some resilience because of expectations for the State Reserve Bureau to buy aluminum ingot again. The most active SHFE aluminum contract is expected to struggle at RMB 15,300/mt in the short term.
 

Price

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#1 Refined Cu
Oct.18
46740.0
40.0
(0.09%)
Aluminum Ingot
Oct.18
14000.0
40.0
(0.29%)
#1 Lead
Oct.18
17025.0
25.0
(0.15%)
0# Zinc
Oct.18
18880.0
-10.0
(-0.05%)
#1 Tin Ingot
Oct.18
139500.0
500.0
(0.36%)

SMM Brief on SHFE Aluminum Futures: Prices Retreat from RMB 15,300/Mt after A Low Opening (2013-1-7)

SMM Insight 04:07:39PM Jan 07, 2013 Source:SMM

SHANGHAI, Jan. 7 (SMM) – SHFE 1303 aluminum contract prices opened lower at RMB 15,310/mt on January 7. Trading activity was muted, with trading volumes a mere over 5,000 lots. The contract hovered near RMB 15,300/mt in the morning, but retreated below the mark in the afternoon due to sell-off. Finally, the March aluminum on the SHFE ended the day down RMB 85/mt or 0.55% at an intraday low of RMB 15,265/mt. Positions were up 48 lots to 65,636 lots. SHFE aluminum prices drifted lower after a low opening due to falling LME aluminum prices, but still showed some resilience because of expectations for the State Reserve Bureau to buy aluminum ingot again. The most active SHFE aluminum contract is expected to struggle at RMB 15,300/mt in the short term.