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SMM Aluminum Market Daily Review (2013-4-16)
Apr 17,2013 08:37CST
price review forecast
Source:SMM
SHFE 1306 aluminum contract opened at RMB 14,550/mt on Tuesday as LME aluminum reversed losses overnight.

SHANGHAI, Apr. 17 (SMM) – SHFE 1306 aluminum contract opened at RMB 14,550/mt on Tuesday as LME aluminum reversed losses overnight. The most active aluminum contract retreated to RMB 14,460/mt along with SHFE copper in early session, but later rebounded on short-covering.  Finally, SHFE aluminum for June delivery closed RMB 15/mt or 0.10% higher at RMB 14,560/mt. Positions decreased 2,542 lots to 76,222 lots. The most-traded SHFE aluminum contract should test resistance at RMB 14,600/mt as pressure from shorts has eased some.

Spot aluminum was traded at RMB 14,390-14,420/mt in Shanghai on Tuesday, a discount of RMB 50-80/mt over SHFE 1304 aluminum contract. Low-iron aluminum was traded around RMB 14,570/mt. SHFE 1306 aluminum contract proved more resilient than other base metals, but spot aluminum market remained bearish. Eagerness to sell by some traders sent spot aluminum below RMB 14,400/mt, which attracted a small number of middlemen to go bargain-hunting. Prices of brand deliverable aluminum ingot were firm above RMB 14,400/mt. Downstream producers purchased to need, depressing overall trading. In the afternoon, the most active SHFE aluminum contract rebounded, improving sentiment in spot market. Traders held back goods, with offers up to RMB 14,420-14,440/mt. Middlemen refused to buy at highs, leaving trading muted.
 

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