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SMM Brief on SHFE Aluminum Futures: Shanghai Composite Index plunged, Aluminum Prices Extended losses (2013-3-4)
Mar 4,2013 17:03CST
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Source:SMM
SHFE 1305 aluminum contract opened at RMB 14,615/mt on March 4.

SHANGHAI, Mar. 4 (SMM) – SHFE 1305 aluminum contract opened at RMB 14,615/mt on March 4. Disappointing February manufacturing PMI in China and new control measures targeted at China’s housing markets caused the Shanghai Composite Index to plunge by 3.65%. The most active aluminum contract found its low at RMB 14,520/mt, and finally closed at RMB 14,575/mt, down RMB 100/mt or 0.68%. Trading volumes were down 3,672 lots to 10,154 lots, while positions also decreased 744 lots to 88,068 lots. Continuously falling aluminum prices are turning investors even more bearish. With inventories growing steadily and with consumption showing no signs of recovery, SHFE aluminum prices are expected to fall further.
 

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