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SMM Aluminum Market Daily Review (2013-3-22)
Mar 25,2013 08:30CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract prices opened slightly lower at RMB 14,705/mt on March 22 and hovered near RMB 14,700/mt in the session due to struggle between longs and shorts.

SHANGHAI, Mar. 25 (SMM) – SHFE 1306 aluminum contract prices opened slightly lower at RMB 14,705/mt on March 22 and hovered near RMB 14,700/mt in the session due to struggle between longs and shorts. Finally, the most active SHFE aluminum contract closed at RMB 14,700/mt, down RMB 45/mt or 0.31%. Positions increased 550 lots to 93,158 lots. With mixed economic indicators clouding market direction, SHFE aluminum for June delivery should stagnate near RMB 14,700/mt this week.

Spot aluminum was mainly traded at RMB 14,520-14,540/mt in Shanghai last Friday, a discount of RMB 70-100/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,620/mt. SHFE 1306 aluminum contract prices inched down, sending spot aluminum prices down as well. Some traders held back goods, but most were in a hurry to sell. Downstream producers rebuilt stocks modestly at low prices as liquidity crunch at the quarter’s end bit in, which did help overall trading improve from the previous day. In the afternoon, SHFE 1304 aluminum contract prices retreated from RMB 14,600/mt. Most traders held back goods, but some remained eager to sell at RMB 14,510-14,520/mt. Buying interest was low, leaving trading muted.

 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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