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SMM Aluminum Market Daily Review (2013-7-11)
Jul 12,2013 08:53CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened higher at RMB14,390/mt on Thursday.

SHANGHAI, Jul. 12 (SMM) – 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.

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,400-14,430/mt on Thursday, RMB 0-30/mt lower than SHFE 1307 aluminum contract prices. Low-iron aluminum was traded below RMB 14,580/mt. The most active SHFE aluminum contract followed LME aluminum up, but spot aluminum rose not as sharply due to slack demand. Traders rushed to liquidate stocks, causing spot discount to expand to near RMB 30/mt. Although aluminum prices climbed above RMB 14,400/mt, downward pressure remains. In the afternoon, SHFE aluminum gained less than SHFE copper, keeping spot aluminum in check. A few deals were done at RMB 14,420/mt.      
 

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Shanghai spot aluminum prices

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