SMM Brief on SHFE Aluminum Futures: Prices Up on Bullish Stock Market (2013-1-30)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Air pollution
  • Market commentary
  • Production data
  • Macroeconomics
  • Zinc
  • Morning comments
  • Futures movement
  • Aluminium
  • NPI
  • Copper
  • Nickel
  • Nickel ore
  • In the United States
  • trade negotiations

SMM Brief on SHFE Aluminum Futures: Prices Up on Bullish Stock Market (2013-1-30)

SMM Insight 04:59:22PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – SHFE 1304 aluminum contract prices hit a high of RMB 15,240/mt along with rising copper prices after opening slightly higher at RMB 15,180/mt on January 30. The most active aluminum contract hovered above RMB 15,200/mt in the afternoon, and finally closed RMB 60/mt or 0.40% higher at RMB 15,215/mt. Positions were down 436 lots to 53,666 lots. The Shanghai Composite Index continued to shot up, boosting market confidence and sending SHFE aluminum prices up. However, limited trading volumes ahead of the Chinese New Year curbed gains of SHFE aluminum prices. The April aluminum on the SHFE should repeatedly test support at RMB 15,200/mt.

SMM Brief on SHFE Aluminum Futures: Prices Up on Bullish Stock Market (2013-1-30)

SMM Insight 04:59:22PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) – SHFE 1304 aluminum contract prices hit a high of RMB 15,240/mt along with rising copper prices after opening slightly higher at RMB 15,180/mt on January 30. The most active aluminum contract hovered above RMB 15,200/mt in the afternoon, and finally closed RMB 60/mt or 0.40% higher at RMB 15,215/mt. Positions were down 436 lots to 53,666 lots. The Shanghai Composite Index continued to shot up, boosting market confidence and sending SHFE aluminum prices up. However, limited trading volumes ahead of the Chinese New Year curbed gains of SHFE aluminum prices. The April aluminum on the SHFE should repeatedly test support at RMB 15,200/mt.