SMM Aluminum Market Daily Review (2013-1-9)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • hydrogen stations
  • Market commentary
  • Copper
  • thép
  • Production data
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Morning comments
  • Mengtai Group
  • Lithium
  • Iron ore

SMM Aluminum Market Daily Review (2013-1-9)

Price Review & Forecast 08:47:37AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – Prices of SHFE 1303 aluminum contracts, the most active one, opened at RMB 15,255/mt on January 9 and stagnated at this mark in the session. Trading activity was thin, with trading volumes contracting to 3,710 lots. Finally, the March aluminum on the SHFE shed RMB 15/mt or 0.10% to finish at RMB 15,245/mt. Positions were down 1,840 lots to 62,778 lots. The most-traded SHFE aluminum contract closed with losses for four consecutive sessions as longs and shorts chose to stand on the sidelines ahead of the release of China’s December economic data. The light metal should test support at RMB 15,200/mt in the near term, with limited downside room.

Spot aluminum was mainly traded at RMB 15,040-15,060/mt in Shanghai on Wednesday, with discounts at RMB 10-30/mt. Low-iron aluminum was traded at RMB 15,090-15,110/mt. SHFE 1303 aluminum contract prices were rangebound, prompting cargo holders to move goods at prices flat with the current-month contracts prior to the delivery date of the 1301 aluminum contracts. Low buying interest from downstream producers and middlemen brought traded prices down. Cloudy market direction depressed overall trading. In the afternoon, trading activity was even thinner in spot aluminum market, with sparse offers reported at RMB 15,020-15,060/mt. Inquiries were rarely heard among downstream producers and middlemen, leaving overall trading quiet.
 

SMM Aluminum Market Daily Review (2013-1-9)

Price Review & Forecast 08:47:37AM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – Prices of SHFE 1303 aluminum contracts, the most active one, opened at RMB 15,255/mt on January 9 and stagnated at this mark in the session. Trading activity was thin, with trading volumes contracting to 3,710 lots. Finally, the March aluminum on the SHFE shed RMB 15/mt or 0.10% to finish at RMB 15,245/mt. Positions were down 1,840 lots to 62,778 lots. The most-traded SHFE aluminum contract closed with losses for four consecutive sessions as longs and shorts chose to stand on the sidelines ahead of the release of China’s December economic data. The light metal should test support at RMB 15,200/mt in the near term, with limited downside room.

Spot aluminum was mainly traded at RMB 15,040-15,060/mt in Shanghai on Wednesday, with discounts at RMB 10-30/mt. Low-iron aluminum was traded at RMB 15,090-15,110/mt. SHFE 1303 aluminum contract prices were rangebound, prompting cargo holders to move goods at prices flat with the current-month contracts prior to the delivery date of the 1301 aluminum contracts. Low buying interest from downstream producers and middlemen brought traded prices down. Cloudy market direction depressed overall trading. In the afternoon, trading activity was even thinner in spot aluminum market, with sparse offers reported at RMB 15,020-15,060/mt. Inquiries were rarely heard among downstream producers and middlemen, leaving overall trading quiet.