Metals News
SMM Aluminum Market Daily Review (2013-4-17)
price review forecast
Apr 18,2013

SHANGHAI, Apr. 18 (SMM) – LME aluminum staged a strong rally overnight, but SHFE 1306 aluminum contract failed to rise as sharply as LME aluminum did. The most active SHFE aluminum contract opened higher at RMB 14,610/mt on Wednesday, but pared some gains in early morning session. Finally, SHFE aluminum for June delivery closed at in intraday low of RMB 14,550/mt, a decrease of RMB 45/mt or 0.31%. Positions decreased 3,896 lots to 72,326 lots. The most-traded SHFE aluminum contract should test support at RMB 14,500/mt in the near term.

Spot aluminum was traded at RMB 14,450-14,470/mt in Shanghai on Wednesday, a discount of RMB 90-110/mt over SHFE 1304 aluminum contract. Low-iron aluminum was traded around RMB 14,620/mt. SHFE 1306 aluminum contract edged down after a high opening, hurting market sentiment. Traders were eager to sell, while downstream producers were cautious about buying at highs, leaving traded prices stagnant. Only middlemen purchased modest amounts at lows. In the afternoon, SHFE 1305 aluminum contract was stagnant. Some traders lowered offers to RMB14,440-14,450/mt, but downstream producers and middlemen showed little interest.

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