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SMM Brief on SHFE Aluminum Futures (2013-7-11)
Jul 11,2013 18:29CST
price review forecast
Source:SMM
Chinese Premier Li Keqiang recently emphasized the importance of pro-growth policy and economic restructuring.

SHANGHAI, Jul. 11 (SMM) – Chinese Premier Li Keqiang recently emphasized the importance of pro-growth policy and economic restructuring, triggering anticipating that the central government will introduce economic stimulus soon. China’s A-shares rose more than 4%, boosting investor sentiment. Fed Chairman Bernanke said the Fed will not scale back QE for the foreseeable future, sending the US dollar index down and pushing commodity prices up. Against this backdrop, SHFE 1310 aluminum contract opened higher at RMB14,390/mt on Thursday. SHFE three-month aluminum contract failed to break through RMB 14,400/mt in the morning session due to a lack of long buying, but did rise in the afternoon session thanks to rising Chinese stocks and copper prices. Finally, SHFE aluminum for October delivery ended the day at RMB 14,400/mt, up RMB 165/mt or 1.16%. Trading volumes added 34,266 lots to 51,702 lots, but positions fell 11,978 lots to 204,328 lots. 
 

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