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SMM Aluminum Market Daily Review (2013-7-18)
Jul 19,2013 08:43CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened lower at RMB 14,305/mt on Thursday.

SHANGHAI, Jul. 19 (SMM) – SHFE 1310 aluminum contract opened lower at RMB 14,305/mt on Thursday. The most active contract climbed to an intraday high of RMB 14,350/mt, but retreated in the afternoon session as longs closed positions. Finally, SHFE aluminum for October delivery closed at RMB 14,295/mt, down RMB 35/mt or 0.24%. Trading volumes increased 330 lots to 4,118 lots, but positions fell 890 lots to 66,566 lots. SHFE aluminum inventories were down 944 mt to 79,005 mt. SHFE three-month aluminum contract should hover around RMB 14,300/mt for the near term. 

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,340-14,350/mt on Thursday, RMB 0-10/mt lower than SHFE 1308 aluminum contract prices. Low-iron aluminum prices were almost the same as aluminum prices. SHFE 1308 aluminum contract rose to near RMB 14,350/mt towards mid-day after a low opening, allowing traders to hold offers at RMB 14,340/mt. However, downstream producers exhibited low buying interest. In the afternoon, only a few transactions were concluded, with traded prices down to near RMB 14,330/mt.  
 

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