South China Aluminum Price: Prices Rise Further, But Trading Volumes Down-Shanghai Metals Market

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South China Aluminum Price: Prices Rise Further, But Trading Volumes Down

Price Review & Forecast 04:40:43PM Jun 07, 2013 Source:SMM

SHANGHAI, Jun. 7 (SMM) – SHFE 1309 aluminum contract prices hovered near the daily moving average after reaching RMB 14,945/mt on Friday due to the struggle between longs and shorts. The most active SHFE aluminum contract moved within RMB 14,900-14,980/mt as investors exited the market to avoid risks ahead of three-day holiday, with trading volumes and positions down over 8,000 lots and more than 2,000 lots, respectively. Prices in south China jumped to RMB 15,360/mt in the morning due to supply shortfall, but fell back to RMB 15,330/mt in the afternoon as downstream producers began to hold to the sidelines. Overall trading was down from a day earlier as demand for restocking failed to grow significantly on the last trading day before the three-day holiday. SMM learned from traders that more aluminum ingot will arrive in south China over the holiday, which will ease tightness in the region.  

 

South China Aluminum Price: Prices Rise Further, But Trading Volumes Down

Price Review & Forecast 04:40:43PM Jun 07, 2013 Source:SMM

SHANGHAI, Jun. 7 (SMM) – SHFE 1309 aluminum contract prices hovered near the daily moving average after reaching RMB 14,945/mt on Friday due to the struggle between longs and shorts. The most active SHFE aluminum contract moved within RMB 14,900-14,980/mt as investors exited the market to avoid risks ahead of three-day holiday, with trading volumes and positions down over 8,000 lots and more than 2,000 lots, respectively. Prices in south China jumped to RMB 15,360/mt in the morning due to supply shortfall, but fell back to RMB 15,330/mt in the afternoon as downstream producers began to hold to the sidelines. Overall trading was down from a day earlier as demand for restocking failed to grow significantly on the last trading day before the three-day holiday. SMM learned from traders that more aluminum ingot will arrive in south China over the holiday, which will ease tightness in the region.