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SMM Aluminum Market Daily Review (2013-3-8)
Mar 11,2013 08:47CST
price review forecast
SHFE 1306 aluminum contract prices opened higher at RMB 15,030/mt on March 8.

SHANGHAI, Mar. 11 (SMM) – SHFE 1306 aluminum contract prices opened higher at RMB 15,030/mt on March 8. Longs took profits at RMB 15,000/mt, but the most active aluminum contract did find support at RMB 14,900/mt. In the afternoon, SHFE aluminum for June delivery recovered some losses, and finally closed at RMB 14,990/mt, up RMB 70/mt or 0.47%. Positions increased 652 lots to 91,612 lots. SHFE aluminum prices rose less sharply after extending gains for a third straight trading day as longs and shorts chose to take profits at highs. The most-traded SHFE aluminum will not break through resistance at RMB 15,000/mt this week until more longs enter the market.

Spot aluminum was mainly traded at RMB 14,540-14,560/mt in Shanghai last Friday, with discounts at RMB 120-140/mt. Low-iron aluminum was traded around RMB 14,710/mt. SHFE 1306 aluminum contract prices marched down after a high opening. News that the State Reserve Bureau will buy aluminum ingot allowed traders to hold offers firm at RMB 14,550/mt. Middlemen were actively buying due to high spot discounts, while buying interest downstream was limited. Discounts of some deliverable brand aluminum ingot over SHFE current-month aluminum contracts were a mere RMB 50/mt. Overall trading was moderate. In the afternoon, SHFE current-month aluminum contract prices edged up. Sparse offers were seen at RMB 14,550-14,560/mt in spot markets, and strong wait-and-see sentiment among downstream producers and middlemen depressed overall trading. 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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