SMM Brief on SHFE Aluminum Futures: Prices Rebound on Upcoming SRB Tender Invitation (2013-3-13)

SHANGHAI, Mar. 13 (SMM) – SHFE 1306 aluminum contract prices opened at RMB 14,860/mt on March 13. The State Reserve Bureau (SRB) will invite tenders to buy aluminum ingot on Friday, enticing longs to increase buying. In this context, the most active SHFE aluminum contract climbed above RMB 14,900/mt, and finally closed RMB 65/mt or 0.44% higher at RMB 14,925/mt. Positions increased 3,988 lots to 97,582 lots. However, longs were limited, so the most-traded SHFE aluminum should stagnate at RMB 14,900/mt in the short term.