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SMM Aluminum Market Daily Review (2013-7-5)
Jul 8,2013 08:51CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract started flat with the previous day at RMB 14,335/mt last Friday.

SHANGHAI, Jul. 8 (SMM) – SHFE 1310 aluminum contract started flat with the previous day at RMB 14,335/mt last Friday. Shorts dominated the market, sending the most actively traded SHFE aluminum contract down to RMB 14,280/mt. Finally, SHFE aluminum for October delivery ended the day at RMB 14,300/mt, down RMB 30/mt or 0.21%. Trading volumes contracted 466 lots to 13,704 lots, but positions increased 640 lots to 209,688 lots. Worries over possible scaling back of QE3 by the US Federal Reserve later this year and strengthening US dollar against the euro dampened investor sentiment. SHFE 1310 aluminum contract is expected struggle at RMB 14,300/mt in the coming week. 

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,390-14,400/mt on Friday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,550/mt. Spot aluminum followed SHFE aluminum down below RMB 14,400/mt due to only moderate stockpiling downstream. Further price declines are expected next week. In the afternoon, spot market turned quiet, with sparse quotations reported at RMB 14,400/mt.  

 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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