Metals News
SMM Aluminum Market Daily Review (2013-4-9)
price review forecast
08:34AM
Apr 10,2013
Source:SMM

SHANGHAI, Apr. 10 (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.

Spot aluminum was traded at RMB 14,480-14,500/mt in Shanghai on Tuesday, a discount of RMB 60-80/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,650/mt. SHFE 1306 aluminum contract prices extended gains on declining inflationary pressure, but spot aluminum mainstream traded prices failed to rise above RMB 14,500/mt. Traders rushed to move goods, while downstream producers purchased as needed, leaving overall trading light. In the afternoon, SHFE aluminum prices were mired, triggering wait-and-see sentiment in spot market. Sparse offers were reported at RMB 14,490/mt, but few deals were completed.

 

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