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SMM Brief on SHFE Aluminum Futures: Prices Fail to Touch RMB 15,000/Mt on Pre-Holiday Risk Aversion (2013-6-7)
Jun 7,2013 20:28CST
price review forecast
Source:SMM
Production cuts at aluminum smelters and falling inventories in east and south China further boosted market sentiment.
SHANGHAI, Jun. 7 (SMM) – Production cuts at aluminum smelters and falling inventories in east and south China further boosted market sentiment. SHFE 1309 aluminum contract rose after opening at RMB 14,945/mt on Friday, but still failed to break through RMB 15,000/mt. In the afternoon, the most active SHFE aluminum contract sank to RMB 14,900/mt as investors closed positions to avoid risks ahead of three-day holiday, but immediately regained this mark. Finally, SHFE aluminum for delivery in four months closed at RMB 14,945/mt, up RMB 25/mt or 0.17%. Positions were down 2,428 lots to 39,286 lots, while trading volumes also fell 7,082 lots to 12,170 lots. SHFE aluminum for September delivery will be unable to reach RMB 15,000/mt following the holiday until more upward momentum is available.   
 
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