SMM Brief on SHFE Aluminum Futures: Lead Gains among Base Metals (2013-6-3)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Lead Gains among Base Metals (2013-6-3)

SMM Insight 04:59:56PM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – SHFE 1309 aluminum contract became the most active one on Monday, which opened higher at RMB 14,845/mt, but then dipped to RMB 14,815/mt as investors were cautious. In the afternoon, SHFE three-month aluminum contract surged above RMB 14,900/mt on long buying. Finally, the most active SHFE aluminum contract closed at an intraday high of RMB 14,915/mt, up RMB 135/m or 0.91%, the best performer among base metals. Positions increased 2,230 lots to 49,376 lots. China’s May manufacturing PMI released by the National Bureau of Statistics and HSBC was in striking contrast, keeping investors wary. On the other hand, market fundamentals were positive, helping SHFE aluminum for August delivery extend gains, which should challenge RMB 15,000/mt in the short term.
 

SMM Brief on SHFE Aluminum Futures: Lead Gains among Base Metals (2013-6-3)

SMM Insight 04:59:56PM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – SHFE 1309 aluminum contract became the most active one on Monday, which opened higher at RMB 14,845/mt, but then dipped to RMB 14,815/mt as investors were cautious. In the afternoon, SHFE three-month aluminum contract surged above RMB 14,900/mt on long buying. Finally, the most active SHFE aluminum contract closed at an intraday high of RMB 14,915/mt, up RMB 135/m or 0.91%, the best performer among base metals. Positions increased 2,230 lots to 49,376 lots. China’s May manufacturing PMI released by the National Bureau of Statistics and HSBC was in striking contrast, keeping investors wary. On the other hand, market fundamentals were positive, helping SHFE aluminum for August delivery extend gains, which should challenge RMB 15,000/mt in the short term.