SMM Aluminum Market Daily Review (2013-4-19)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2013-4-19)

Price Review & Forecast 09:21:49AM Apr 22, 2013 Source:SMM

SHANGHAI, Apr. 22 (SMM) – SHFE 1306 aluminum contract opened higher at RMB 14,575/mt last Friday, but pared some gains in the morning session. In the afternoon, market sentiment improved as SHFE copper stopped falling. The most active SHFE aluminum contract rose to test resistance at RMB 14,600/mt on short-covering. Finally, SHFE aluminum for June delivery closed at RMB 14,595/mt, up RMB 145/mt or 1.00%. Positions decreased 1,596 lots to 68,448 lots. The most-traded SHFE aluminum contract should move within RMB 14,500-14,600/mt this week.

Spot aluminum was traded at RMB 14,400-14,420/mt in Shanghai, a discount of RMB 80-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. SHFE 1306 aluminum contract moved lower after a high opening. Traders were eager to sell, but downstream producers and middlemen expressed little interest, leaving mainstream traded prices stagnant at RMB 14,400/mt. In the afternoon, traders held back goods and hiked offers to RMB 14,430-14,440/mt. Downstream producers made no purchases, while a small number of middlemen went bargain hunting. 
 

SMM Aluminum Market Daily Review (2013-4-19)

Price Review & Forecast 09:21:49AM Apr 22, 2013 Source:SMM

SHANGHAI, Apr. 22 (SMM) – SHFE 1306 aluminum contract opened higher at RMB 14,575/mt last Friday, but pared some gains in the morning session. In the afternoon, market sentiment improved as SHFE copper stopped falling. The most active SHFE aluminum contract rose to test resistance at RMB 14,600/mt on short-covering. Finally, SHFE aluminum for June delivery closed at RMB 14,595/mt, up RMB 145/mt or 1.00%. Positions decreased 1,596 lots to 68,448 lots. The most-traded SHFE aluminum contract should move within RMB 14,500-14,600/mt this week.

Spot aluminum was traded at RMB 14,400-14,420/mt in Shanghai, a discount of RMB 80-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. SHFE 1306 aluminum contract moved lower after a high opening. Traders were eager to sell, but downstream producers and middlemen expressed little interest, leaving mainstream traded prices stagnant at RMB 14,400/mt. In the afternoon, traders held back goods and hiked offers to RMB 14,430-14,440/mt. Downstream producers made no purchases, while a small number of middlemen went bargain hunting.