SMM Aluminum Market Daily Review (2013-2-7)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2013-2-7)

Price Review & Forecast 09:11:37AM Feb 08, 2013 Source:SMM

SHANGHAI, Feb. 8 (SMM) – SHFE 1305 aluminum prices, the most actively-traded contract, opened slightly lower at RMB 15,210/mt on Thursday. The bearish sentiment briefly sent the contract down to RMB 15,175/mt. Buying interest at lows helped the contract return above RMB 15,200/mt, but still lacked the rising momentum. Finally, SHFE three-month aluminum prices closed at RMB 15,205/mt, down RMB 50/mt or 0.33%. Positions were up by 2,718 lots to 64,668 lots. Ahead of the holiday, SHFE three-month aluminum prices fell for a fifth consecutive trading day, and Friday will be the last trading day before the holiday. Markets are now waiting for the CPI for January, and expect inflation pressures to remain high. SMM anticipates SHFE three-month aluminum prices to struggle at RMB 15,200/mt.

On Thursday, traded prices in the Shanghai spot market were between RMB 14,790-14,820/mt, and spot discounts were in the RMB 80-70/mt range. Prices of low-Fe aluminum were around RMB 14,920/mt. SHFE aluminum market kept falling, with current-month prices coming under pressures at RMB 14,900/mt. Spot trading was extremely light. Some traders, who were eager to generate cash flows, lowered prices, with the lowest price heard RMB 14,790/mt in Shanghai, RMB 14,760/mt in Hangzhou, and RMB 14,800/mt in Wuxi, a new low of 2013. Tomorrow will be the last trading day before the Chinese New Year holiday, and trading will remain quiet. 
 

Price

more
Aluminum Ingot
Dec.12
14080.0
-50.0
(-0.35%)
Aluminum Ingot - Fo Shan
Dec.12
14070.0
-40.0
(-0.28%)
Aluminum Ingot - Wu Xi
Dec.12
14060.0
-70.0
(-0.50%)
Aluminum Ingot - Hang Zhou
Dec.12
14090.0
-50.0
(-0.35%)
Aluminum Ingot - Chong Qing
Dec.12
14110.0
-50.0
(-0.35%)

SMM Aluminum Market Daily Review (2013-2-7)

Price Review & Forecast 09:11:37AM Feb 08, 2013 Source:SMM

SHANGHAI, Feb. 8 (SMM) – SHFE 1305 aluminum prices, the most actively-traded contract, opened slightly lower at RMB 15,210/mt on Thursday. The bearish sentiment briefly sent the contract down to RMB 15,175/mt. Buying interest at lows helped the contract return above RMB 15,200/mt, but still lacked the rising momentum. Finally, SHFE three-month aluminum prices closed at RMB 15,205/mt, down RMB 50/mt or 0.33%. Positions were up by 2,718 lots to 64,668 lots. Ahead of the holiday, SHFE three-month aluminum prices fell for a fifth consecutive trading day, and Friday will be the last trading day before the holiday. Markets are now waiting for the CPI for January, and expect inflation pressures to remain high. SMM anticipates SHFE three-month aluminum prices to struggle at RMB 15,200/mt.

On Thursday, traded prices in the Shanghai spot market were between RMB 14,790-14,820/mt, and spot discounts were in the RMB 80-70/mt range. Prices of low-Fe aluminum were around RMB 14,920/mt. SHFE aluminum market kept falling, with current-month prices coming under pressures at RMB 14,900/mt. Spot trading was extremely light. Some traders, who were eager to generate cash flows, lowered prices, with the lowest price heard RMB 14,790/mt in Shanghai, RMB 14,760/mt in Hangzhou, and RMB 14,800/mt in Wuxi, a new low of 2013. Tomorrow will be the last trading day before the Chinese New Year holiday, and trading will remain quiet.