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SMM Aluminum Market Daily Review (2013-2-27)
Feb 28,2013 08:38CST
price review forecast
Source:SMM
SHFE 1305 aluminum contract opened slightly higher at RMB 14,850/mt on February 27.

SHANGHAI, Feb. 28 (SMM) – SHFE 1305 aluminum contract opened slightly higher at RMB 14,850/mt on February 27. The most active contract briefly climbed to RMB 14,880/mt, but later pared some gains. Finally, SHFE aluminum for May delivery advanced RMB 30/mt or 0.20% to close at RMB 14,855/mt. Positions were down 878 lots to 88,734 lots. Trading volumes shrank due to a lack of confidence, with prices of the most active SHFE aluminum contracts meeting resistance at the 5-day moving average. The most-traded SHFE aluminum contract will be unable to break through RMB 15,900/mt in the short term until more upward momentum is available.   

Spot aluminum was mainly traded at RMB 14,500-14,520/mt in Shanghai on Wednesday, with discounts at RMB 140-160/mt. Low-iron aluminum was traded around RMB 14,620/mt. SHFE 1305 aluminum contract prices fell back after hitting high, eroding gains of spot aluminum prices. Cargo holders stood on the sidelines, holding offers firm at RMB 14,500/mt. Downstream producers were little interested in buying out of growing pessimism over future prices and due to tightening liquidity as the month ends. Only middlemen bought modest amounts at low prices. Overall trading was light. In the afternoon, SHFE current-month aluminum contracts were mired. Spot markets were quiet, with sparse offers seen at RMB 14,510-14,520/mt.  
 

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