SMM Brief on SHFE Aluminum Futures: Prices Inch Down as Rising A-Shares Fail to Lift Sentiment (2013-6-28)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Prices Inch Down as Rising A-Shares Fail to Lift Sentiment (2013-6-28)

Price Review & Forecast 11:19:46PM Jun 28, 2013 Source:SMM

SHANGHAI, Jun. 28 (SMM) – Falling LME aluminum overnight caused SHFE 1310 aluminum contract to open lower at RMB 14,240/mt on Friday. The most active SHFE aluminum contract sank to RMB 14,160/mt shortly after its opening, but later regained this mark. Despite the rally in A-shares, SHFE 1310 aluminum contract had little upward momentum, and finally closed at RMB 14,215/mt, down RMB 55/mt or 0.39%. Trading volumes contracted 1,748 lots to 4,964 lots, but positions increased 1,302 lots to 71,750 lots. Tightness in liquidity will ease next week, but worries over China’s economic outlook remain, which will undermine any potential towards a rebound in aluminum prices, with SHFE aluminum for October delivery expected to test support at RMB 14,200/mt. 

 
 

SMM Brief on SHFE Aluminum Futures: Prices Inch Down as Rising A-Shares Fail to Lift Sentiment (2013-6-28)

Price Review & Forecast 11:19:46PM Jun 28, 2013 Source:SMM

SHANGHAI, Jun. 28 (SMM) – Falling LME aluminum overnight caused SHFE 1310 aluminum contract to open lower at RMB 14,240/mt on Friday. The most active SHFE aluminum contract sank to RMB 14,160/mt shortly after its opening, but later regained this mark. Despite the rally in A-shares, SHFE 1310 aluminum contract had little upward momentum, and finally closed at RMB 14,215/mt, down RMB 55/mt or 0.39%. Trading volumes contracted 1,748 lots to 4,964 lots, but positions increased 1,302 lots to 71,750 lots. Tightness in liquidity will ease next week, but worries over China’s economic outlook remain, which will undermine any potential towards a rebound in aluminum prices, with SHFE aluminum for October delivery expected to test support at RMB 14,200/mt.