SMM Brief on SHFE Aluminum Futures: Prices Resilient Due to A Lack of Attention (2013-4-23)

SHANGHAI, Apr. 23 (SMM) – SHFE 1306 aluminum contract started Tuesday at RMB 14,525/mt. The most active SHFE aluminum contract moved in tight ranges during the day as shorts and longs exited the market, and finally closed at RMB 14,540/mt, a slight RMB 5/mt or 0.03% gain. Positions contracted 2,722 lots to 64,028 lots. China’s falling manufacturing PMI triggered bearishness, sending stock markets and SHFE copper plunging. Investors paid little attention to SHFE aluminum as price gap among SHFE aluminum contracts was small. SHFE aluminum for June delivery is expected to find strong support at RMB 14,500/mt in the near term.