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SMM Brief on SHFE Aluminum Futures: Upward Momentum Curbed Following SRB’s Aluminum Ingot Buying (2013-3-15)
Mar 18,2013 09:14CST
smm insight
Source:SMM
SHFE 1306 aluminum contract prices opened slightly higher at RMB 14,900/mt on March 15.

SHANGHAI, Mar. 18 (SMM) – SHFE 1306 aluminum contract prices opened slightly higher at RMB 14,900/mt on March 15. The contract slipped to RMB 14,800/mt in early morning session due to short selling. The SRB bought 300,000 mt of aluminum ingot last Friday, but lower-than-expected bid price disappointed investors, limiting the upside space of the most active SHFE aluminum contract. Finally, SHFE aluminum for June delivery shed RMB 5/mt or 0.03% to close at RMB 14,840/mt. Positions increased 2,288 lots to 100,226 lots. Aluminum prices will remain under downward pressure since the SRB’s aluminum ingot purchase could do little to ease existing oversupply pressure. The most-traded SHFE aluminum contract should test support at RMB 14,800/mt this week. 
 

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