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SMM Aluminum Market Daily Review (2013-7-19)
Jul 22,2013 08:46CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened higher at RMB 14,315/mt last Friday.

SHANGHAI, Jul. 22 (SMM) – SHFE 1310 aluminum contract opened higher at RMB 14,315/mt last Friday. The most active contract hovered near RMB 14,330/mt in the morning session, but dropped to RMB 14,310/mt in the afternoon as shorts dominated the market. SHFE aluminum for October delivery advanced to an intraday high of RMB 14,350/mt at the tail of the session as shorts took profits. Trading volumes contracted by 1,128 lots to 2,990 lots, but positions were up 216 lots to 66,782 lots.

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,350-14,360/mt, RMB 0-10/mt lower than SHFE 1308 aluminum contract prices. Low-iron aluminum was traded around RMB 14,380/mt. SHFE 1308 aluminum contract rose to RMB 14,365/mt in the morning session, allowing traders to hike offers to RMB 14,360/mt. Traders still held prices firm even after SHFE current-month aluminum contract fell back to RMB 14,355/mt. A few deals were done at RMB 14,350/mt. Downstream producers turned away from higher prices. Aluminum ingot from Shandong’s Zibo was quoted at RMB 14,380/mt.   
 

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