Metals News
SMM Aluminum Market Daily Review (2013-1-29)
price review forecast
08:38AM
Jan 30,2013
Source:SMM

SHANGHAI, Jan. 30 (SMM) – SHFE 1304 aluminum contracts became the most active one on January 29. The contract hovered near the daily moving average and dipped to a low of RMB 15,135/mt after opening at RMB 15,160/mt. The April aluminum on the SHFE rebounded along with other base metals at the tail of trading, and finally closed unchanged from the previous trading day at RMB 15,170/mt. Positions were up 1224 lots to 54,102 lots. LME aluminum lacked upward momentum, keeping SHFE aluminum prices in check. The most-traded SHFE aluminum contract should stagnate around RMB 15,150/mt in the short term.

Spot aluminum was mainly traded at RMB 14,890-14,900/mt in Shanghai on Tuesday, with discounts at RMB 70-80/mt. Low-iron aluminum was traded at RMB 14,980-15,000/mt. The most active SHFE aluminum contracts extended losses, continuing to dampen market sentiment. Cargo holders refrained from selling at low prices, holding offers at RMB 14,900/mt, causing spot discounts to narrow to RMB 70/mt. Downstream producers and middlemen bought limited amounts, so overall trading remained light. Sparse transactions were done at RMB 14,890/mt. In the afternoon, SHFE 1304 aluminum contract prices recovered losses, allowing cargo holders in spot aluminum markets to hold offers firm at RMB 14,900-14,910/mt. However, downstream producers and middlemen refrained from buying, leaving spot markets quiet.
 

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