Metals News
SMM Brief on SHFE Aluminum Futures: Aluminum Prices Down on Growing Inflationary Pressure (2013-1-11)
smm insight
05:32PM
Jan 11,2013
Source:SMM

SHANGHAI, Jan. 11 (SMM) – LME aluminum prices advanced 2% overnight, but prices of SHFE 1303 aluminum contracts failed to follow suit. The most active SHFE aluminum contract, which opened slightly higher at RMB 15,295/mt on January 11, stagnated at RMB 15,300/mt in the early session and later trimmed gains. Finally, the March aluminum on the SHFE closed at an intraday low of RMB 15,250/mt, down RMB 5/mt or 0.03%. Positions were down 236 lots to 62,258 lots. China’s CPI rebounded significantly in December. Monetary policy will remain tight in the short term against growing inflationary pressure, souring market sentiment and sending aluminum prices down. The most-traded SHFE aluminum contract should fluctuate between RMB 15,200-15,300/mt in the near term.
 

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