SMM Brief on SHFE Aluminum Futures: Gains Curbed on Limited Long Buying (2013-4-9)

SHANGHAI, Apr. 9 (SMM) – SHFE 1306 aluminum contract opened higher at RMB 14,670/mt on Tuesday. The most active aluminum contract hovered near RMB 14,650/mt during the day as long buying was limited, despite declining inflationary pressure. Finally, SHFE aluminum for June delivery settled RMB 50/mt or 0.34% higher at RMB 14,655/mt. Positions contracted 556 lots to 88,322 lots. SHFE aluminum prices rose less sharply than other base metals due to weak fundamentals in spot market, with the most-traded SHFE aluminum contract expected to stagnate near RMB 14,650/mt in the short term.