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SMM Aluminum Market Daily Review (2013-7-3)
Jul 4,2013 08:44CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened slightly lower at RMB 14,345/mt on Wednesday.

SHANGHAI, Jul. 4 (SMM) – SHFE 1310 aluminum contract opened slightly lower at RMB 14,345/mt on Wednesday. SHFE aluminum for October delivery was stagnant at RMB 14,370/mt for most time of the session as investors pulled out of the market, and finally ended the day at RMB 14,390/mt, up RMB 35/mt or 0.24%. Trading volumes of the most active SHFE aluminum contract contracted 7,298 lots to 6,442 lots, and positions decreased 1,326 lots to 67,764 lots, reflecting a lack of confidence in aluminum market. The most actively traded SHFE aluminum contract is expected to continue to test resistance at RMB 14,400/mt prior to the release of the US non-farm employment. 

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,440-14,460/mt, RMB 10-30/mt lower than SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,600/mt. Cargo holders were eager to sell out of fear that prices may fall, but downstream producers stayed out of the market and middlemen were less interested in buying, sending the low-end traded price down to RMB 14,440/mt. In the afternoon, SHFE 1310 aluminum contract edged up, allowing a few traders to hold quotes firm at RMB 14,460/mt, but few deals were completed.    

 

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Shanghai spot aluminum prices

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