SMM Aluminum Market Morning Review (2013-10-8)-Shanghai Metals Market

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SMM Aluminum Market Morning Review (2013-10-8)

Price Review & Forecast 09:31:05AM Oct 08, 2013 Source:SMM
SHANGHAI, Oct. 8 (SMM) – There was a lack of major events on the macro front last Friday. LME aluminum struggled at the 5-day and 60-day moving averages after opening at USD 1,843/mt last Friday. The light metal climbed to USD 1,856/mt at the tail of the session before closing at USD 1,853/mt, up USD 11.3/mt or 0.61%. Trading volumes shrank 2,637 lots to 8,268 lots, and positions also contracted 10,008 lots to 730,573 lots. 
 
SHFE 1312 aluminum contract is expected to open at RMB 14,290/mt on Tuesday and fluctuate between RMB 14,265-14,325/mt. In spot markets, post-holiday restocking will leave spot aluminum at a backwardation of RMB 120-160/mt over SHFE 1310 aluminum contracts. 
 
 
 
Key Words:  LME aluminum   SHFE aluminum  

SMM Aluminum Market Morning Review (2013-10-8)

Price Review & Forecast 09:31:05AM Oct 08, 2013 Source:SMM
SHANGHAI, Oct. 8 (SMM) – There was a lack of major events on the macro front last Friday. LME aluminum struggled at the 5-day and 60-day moving averages after opening at USD 1,843/mt last Friday. The light metal climbed to USD 1,856/mt at the tail of the session before closing at USD 1,853/mt, up USD 11.3/mt or 0.61%. Trading volumes shrank 2,637 lots to 8,268 lots, and positions also contracted 10,008 lots to 730,573 lots. 
 
SHFE 1312 aluminum contract is expected to open at RMB 14,290/mt on Tuesday and fluctuate between RMB 14,265-14,325/mt. In spot markets, post-holiday restocking will leave spot aluminum at a backwardation of RMB 120-160/mt over SHFE 1310 aluminum contracts. 
 
 
 
Key Words:  LME aluminum   SHFE aluminum