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SMM Aluminum Market Daily Review (2013-2-22)
Feb 25,2013 09:27CST
price review forecast
Source:SMM
SHFE 1305 aluminum contract opened slightly lower at RMB 14,920/mt on February 22.

SHANGHAI, Feb. 25 (SMM) – SHFE 1305 aluminum contract opened slightly lower at RMB 14,920/mt on February 22. The contract staged a mild rally due to dip-buying from some longs, advancing to RMB 14,975/mt. The most active contract moved within narrow ranges as longs were cautious about buying at higher prices, and finally gained RMB 25/mt or 0.17% at RMB 14,960/mt. Positions were up 2,602 lots to 91,134 lots. SHFE aluminum for May delivery bounced back following four consecutive days of declines, but upside space was limited as markets remained bearish. The most-traded SHFE aluminum contract should continue to meet resistance at RMB 15,000/mt this week.  

Spot aluminum was mainly traded at RMB 14,560-14,590/mt in Shanghai last Friday, with discounts at RMB 150-170/mt. Low-iron aluminum was traded around RMB 14,680/mt. A mild rally in SHFE 1305 aluminum contract prices attracted some middlemen to actively purchase branded deliverable aluminum ingot. Offers of deliverable aluminum ingot were firm due to tight supplies. Prices of non-deliverable aluminum ingot, on the other hand, were stagnant due to oversupply. Downstream consumption remained sluggish, but overall trading did improve from a day earlier. In the afternoon, the upcoming weekend and a mild rally in SHFE aluminum prices triggered wait-and-see sentiment. Cargo holders held back goods, with sparse offers at RMB 14,580/mt. No inquiries were reported, leaving overall trading subdued.  
 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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