SMM Brief on SHFE Aluminum Futures (2013-10-18)

Price Review & Forecast 05:17:14PM Oct 18, 2013 Source:SMM

SHANGHAI, Oct. 18 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, started Friday higher at RMB 14,410/mt as markets were sanguine about upcoming Chinese economic indicators. The National Bureau of Statistics (NBS) announced China’s GDP grew 7.8% YoY and 2.2% MoM in Q3 and expressed optimism over the country’s economic prospects and labor market. This allowed SHFE 1312 aluminum contract to move above the daily moving average before noon. In the afternoon session, however, SHFE aluminum for December delivery dipped to RMB 14,350/mt before ending the day up RMB 30/mt at RMB 14,375/mt. Trading volumes decreased 2,014 lots to 2,372 lots, while positions also fell 1,644 lots to 61,802 lots. SHFE 1401 aluminum contract may shift to the most active contract this coming week.
 

Key Words:  SHFE aluminum  

SMM Brief on SHFE Aluminum Futures (2013-10-18)

Price Review & Forecast 05:17:14PM Oct 18, 2013 Source:SMM

SHANGHAI, Oct. 18 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, started Friday higher at RMB 14,410/mt as markets were sanguine about upcoming Chinese economic indicators. The National Bureau of Statistics (NBS) announced China’s GDP grew 7.8% YoY and 2.2% MoM in Q3 and expressed optimism over the country’s economic prospects and labor market. This allowed SHFE 1312 aluminum contract to move above the daily moving average before noon. In the afternoon session, however, SHFE aluminum for December delivery dipped to RMB 14,350/mt before ending the day up RMB 30/mt at RMB 14,375/mt. Trading volumes decreased 2,014 lots to 2,372 lots, while positions also fell 1,644 lots to 61,802 lots. SHFE 1401 aluminum contract may shift to the most active contract this coming week.
 

Key Words:  SHFE aluminum