Home / Metal News / Copper / SMM Aluminum Market Daily Review (2013-3-27)
SMM Aluminum Market Daily Review (2013-3-27)
Mar 28,2013 08:44CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract opened slightly lower at RMB 14,665/mt on Wednesday.

SHANGHAI, Mar. 28 (SMM) – SHFE 1306 aluminum contract opened slightly lower at RMB 14,665/mt on Wednesday. The contract failed to break RMB 14,700/mt as shorts increased, and finally ended the day down RMB 50/mt or 0.34% at RMB 14,655/mt. Positions increased 998 lots to 94,496 lots. SHFE aluminum for June delivery was dragged down by falling LME aluminum, but should still hold stable at RMB 14,600/mt at the bottom as shorts will be limited for the near term.

Spot aluminum was mainly traded at RMB 14,500-14,520/mt in Shanghai on Wednesday, a discount of RMB 60-80/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,700/mt. Traders were anxious to sell due to falling SHFE aluminum and tight cash flows at the quarter’s end, dragging spot aluminum down to RMB 14,500/mt. Downstream producers and middlemen evinced little buying interest, depressing overall trading. In the afternoon, SHFE 1306 aluminum contract prices remained weak, bringing spot aluminum down to RMB 14,490/mt from RMB 14,500/mt. Traders were eager to sell against low buying interest downstream, leaving trading subdued.


 

latest SHFE aluminum prices
Shanghai spot aluminum prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn