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SMM Brief on SHFE Aluminum Futures: Prices Rally as Worries Over Cash Liquidity in China Fade (2013-7-1)
Jul 1,2013 18:43CST
price review forecast
Source:SMM
Although China’s manufacturing PMI for June fell as expected, fading worries over liquidity crunch in China helped boost market sentiment.

SHANGHAI, Jul. 1 (SMM) – Although China’s manufacturing PMI for June fell as expected, fading worries over liquidity crunch in China helped boost market sentiment. SHFE 1310 aluminum contract advanced to RMB 14,290/mt after a flat opening at RMB 14,230/mt on Monday, but still failed to break through RMB 14,300/mt as investors refused to buy at higher prices. In the afternoon, SHFE copper gained more than 2%, pushing the most active SHFE aluminum contract above RMB 14,300/mt. Finally, SHFE aluminum for October delivery gained RMB 85/mt or 0.60% to close at an intraday high of RMB 14,315/mt. Trading volumes were up 1,584 lots to 6,548 lots, and positions increased 1,004 lots to 72,754 lots. Manufacturing PMI in the US and Europe is due to be released tonight. The most actively traded SHFE aluminum contract will consolidate support at RMB 14,300/mt if data come in positive.  
 

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