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SMM Aluminum Market Daily Review (2013-6-26)
Jun 27,2013 08:53CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened higher at RMB 14,330/mt on Wednesday.

SHANGHAI, Jun. 27 (SMM) – SHFE 1310 aluminum contract opened higher at RMB 14,330/mt on Wednesday. However, the most active SHFE aluminum contract followed other base metals down as longs were pessimistic and as A-shares extended losses. Finally, SHFE aluminum for October delivery closed at RMB 14,240/mt, down RMB 20/mt or 0.14%. Trading volumes contracted 3,722 lots to 8,442 lots, but positions increased 1,470 lots to 69,866 lots. SHFE 1310 aluminum contract is capped under the 5-day moving average due to market pessimism, and is expected to hold stable at RMB 14,200/mt at the bottom. 

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,370-14,400/mt, a premium of RMB 0-20/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,540/mt. Falling A-shares caused SHFE 1310 aluminum contract to move lower after a high opening, souring sentiment in spot market. Cargo holders cut offers, but lower prices failed to stoke downstream buying interest, sending mainstream traded prices down below RMB 14,400/mt. In the afternoon, falling SHFE aluminum triggered stronger wait-and-see sentiment in spot market. A few traders held quotations at RMB 14,370-14,390/mt, but trading was muted.  
 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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