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SMM Aluminum Market Daily Review (2013-3-14)
Mar 15,2013 08:49CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract prices retreated from the 10-day moving average to a low of RMB 14,800/mt after opening at RMB 14,895/mt on March 14.

SHANGHAI, Mar. 15 (SMM) – SHFE 1306 aluminum contract prices retreated from the 10-day moving average to a low of RMB 14,800/mt after opening at RMB 14,895/mt on March 14. However, the most active SHFE aluminum contract did recover most of its losses incurred today at the tail of trading, helped by dip-buying. Finally, SHFE three-month aluminum contract closed RMB 15/mt or 0.10% lower at RMB 14,885/mt. Positions increased 356 lots to 97,938 lots. Markets are awaiting the State Reserve Bureau (SRB) to invite tenders to buy aluminum ingot due today, helping the light metal resist declines. SHFE aluminum for June delivery should challenge resistance at RMB 14,900/mt.

Spot aluminum was mainly traded at RMB 14,530-14,550/mt in Shanghai on Thursday, with discounts at RMB 50-70/mt. Low-iron aluminum was traded around RMB 14,700/mt. SHFE 1306 aluminum contract prices inched down, but spot aluminum prices were resilient, with spot discounts narrowing to RMB 50/mt as delivery date of SHFE current-month aluminum contracts is approaching. Traders held offers less firm, sending the low-end price down slightly. Downstream producers and middlemen evinced little buying interest, depressing overall trading. In the afternoon, spot markets were quiet as both suppliers and buyers are waiting for the SRB to buy aluminum ingot due today, with sparse offers reported at RMB 14,520-14,540/mt.
 

SHFE 1306 aluminum contract prices
Shanghai spot aluminum prices

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