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SMM Aluminum Market Daily Review (2013-2-20)
Feb 21,2013 08:38CST
price review forecast
Source:SMM
SHFE 1305 aluminum contract, the most active one, briefly hit a high of RMB 15,150/mt after opening at RMB 15,130/mt on Wednesday.

SHANGHAI, Feb. 21 (SMM) – SHFE 1305 aluminum contract, the most active one, briefly hit a high of RMB 15,150/mt after opening at RMB 15,130/mt on Wednesday. Later, the contract dropped below RMB 15,100/mt again as shorts aggressively increased positions. Finally, SHFE aluminum for May delivery ended the day down RMB 35/mt or 0.23% at RMB 15,080/mt. Positions were up 1,012 lots to 83,256 lots. The mild rally of the Shanghai Composite Index failed to help aluminum prices rebound. The most-traded SHFE aluminum contract should struggle at RMB 15,100/mt in the short term.   

Spot aluminum was mainly traded at RMB 14,700-14,720/mt in Shanghai on Wednesday, with discounts at RMB 150-170/mt. Low-iron aluminum was traded around RMB 14,820/mt. SHFE 1305 aluminum contract prices extended losses for a third straight day following the Chinese New Year, triggering massive short selling. Cargo holders were aggressively selling off goods, but downstream consumption remained sluggish, pushing spot aluminum prices down. Prices in Shanghai and Hangzhou temporarily held steady at RMB 14,700/mt, while prices in Wuxi dropped to RMB 14,680/mt as spot aluminum arrived after the week-long holiday exceeded warehouse capacity. Trading is expected to remain subdued until the Chinese Lantern Festival. In the afternoon, spot aluminum market was quiet. A few traders held offers at RMB 14,700-14,710/mt, but inquiries were rarely heard.   
 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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