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SMM Aluminum Market Daily Review (2013-3-26)
Mar 27,2013 08:28CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract opened slightly lower at RMB 14,690/mt on Tuesday.

SHANGHAI, Mar. 27 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,690/mt on Tuesday. The contract struggled at RMB 14,700/mt in the morning session on depressing trading activity, but stabilized at this mark in the afternoon. Most longs and shorts were watching from the sidelines. Finally, the most active SHFE aluminum contract ended the day down RMB 30/mt or 0.20% at RMB 14,705/mt. Positions decreased 414 lots to 93,498 lots. SHFE aluminum for June delivery should hover near RMB 14,700/mt in the near term.

Spot aluminum was mainly traded at RMB 14,520-14,550/mt in Shanghai on Tuesday, a discount of RMB 50-90/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,710/mt. SHFE 1306 aluminum contract prices moved at low levels, causing spot aluminum to surrender gains. Most traders were in a hurry to sell against tight liquidity at the quarter’s end, but demand from downstream producers and middlemen was tepid, leaving mainstream traded prices stagnant near RMB 14,530/mt. In the afternoon, SHFE 1304 aluminum contract prices recovered some losses, but spot aluminum was still quoted around RMB 14,520/mt. Some traders were eager to sell, but inquiries were rarely heard, leaving transactions muted.

 

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