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SMM Aluminum Market Daily Review (2013-3-28)
Mar 29,2013 08:30CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract opened at RMB 14,655/mt on Thursday.

SHANGHAI, Mar. 29 (SMM) – SHFE 1306 aluminum contract opened at RMB 14,655/mt on Thursday. The contract found its high at RMB 14,725/mt before immediately falling back. Longs took profits, weighing down the most active SHFE aluminum contract, which finally finished RMB 45/mt or 0.31% lower at RMB 14,620/mt. Positions increased 96 lots to 94,592 lots. A plunging Shanghai Composite Index has dampened market sentiment, causing SHFE aluminum to extend losses. With investors taking a wait-and-see stance, SHFE aluminum for June delivery is expected to test support at RMB 14,600/mt.

Spot aluminum was mainly traded at RMB 14,480-14,500/mt in Shanghai on Thursday, a discount of RMB 60-80/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,680/mt. SHFE 1306 aluminum contract prices met resistance, sending spot aluminum down below RMB 14,500/mt. Traders in Shanghai lowered the end-price to RMB 14,480/mt, while those in Wuxi and Hangzhou held offers firm at RMB 14,500/mt. Downstream producers and middlemen evinced little buying interest, depressing overall trading. In the afternoon, prices of the most active SHFE aluminum contracts remained weak. A small number of traders remained anxious to sell at RMB 14,480/mt. Inquiries were rarely heard due to tight cash flows and growing bearishness over future prices. 


 

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