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SMM Aluminum Market Daily Review (2013-7-24)
Jul 25,2013 08:44CST
price review forecast
Source:SMM
SHFE 1310 aluminum contract opened slightly higher at RMB 14,415/mt on Wednesday.

SHANGHAI, Jul. 25 (SMM) – SHFE 1310 aluminum contract opened slightly higher at RMB 14,415/mt on Wednesday. Disappointing HSBC’s flash China manufacturing PMI for July dragged the most active contract down to RMB 14,360/mt. SHFE aluminum for October delivery recovered some earlier losses at the tail of the session before closing at RMB 14,380/mt, down RMB 20/mt or 0.14%. Positions decreased by 130 lots to 64,700 lots. Downbeat Chinese economic indicators have raised anticipation that the central government may roll out economic stimulus, driving investors to the sidelines. SHFE three-month aluminum contract will hover near RMB 14,350/mt.

Mainstream traded prices for spot aluminum in Shanghai were RMB 14,360-14,370/mt on Wednesday, RMB 10-20/mt lower than SHFE 1308 aluminum contract prices. Low-iron aluminum was traded around RMB 14,530/mt. Flash China’s July manufacturing PMI continued to fall, sending SHFE aluminum down. Cargo holders rushed to sell as the end-of-month liquidity crunch bit in, but downstream producers and middlemen stayed out of the market, pulling spot aluminum prices down to RMB 14,360/mt. Prices in Hangzhou also slid below RMB 14,400/mt. In the afternoon, wait-and-see sentiment permeated the market, with quotations reported at RMB 14,360/mt. 
 

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Shanghai spot aluminum prices

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