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SMM Aluminum Market Daily Review (2013-7-12)
Jul 15,2013 08:46CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened flat at RMB14,390/mt last Friday.

SHANGHAI, Jul. 15 (SMM) – SHFE 1310 aluminum contract opened flat at RMB14,390/mt last Friday. SHFE three-month aluminum contract sank below the 20-day moving average as longs closed positions, and finally finished at RMB 14,330/mt, down RMB 55/mt. Investors pulled out of the market ahead of the release of China’s 2Q GDP due early next week. Trading volumes fell 37,860 lots to 13,842 lots, and positions were also down 2,788 lots to 201,540 lots. The most active SHFE aluminum contract is expected continue to drop in the coming week, with weak support at RMB 14,300/mt. SHFE aluminum inventories decreased 13,147 mt to 382,750 mt.  

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,400-14,420/mt, RMB 0-20/mt lower than SHFE 1307 aluminum contract prices. Low-iron aluminum was traded below RMB 14,570/mt. The most active SHFE aluminum contract inched down, triggering bearishness over spot aluminum. Supply was ample, but downstream demand was soft, bringing mainstream traded prices down to RMB 14,400/mt. A majority of traders expect aluminum prices to fall further in the coming week. In the afternoon, falling SHFE aluminum forced a few traders to cut offers to RMB 14,390/mt, but downstream producers and middlemen generally held to the sidelines.      
 

latest SHFE aluminum prices
Shanghai spot aluminum prices

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