SMM Aluminum Market Daily Review (2013-10-23)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2013-10-23)

Price Review & Forecast 09:06:55AM Oct 24, 2013 Source:SMM

SHANGHAI, Oct. 24 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE) opened higher at RMB 14,450/mt on Wednesday. Longs took profits at highs, causing positions of SHFE 1312 aluminum contract to contract by over 3,000 lots before noon. As a result, SHFE 1401 aluminum contract became the most active one, which started higher at RMB 14,410/mt on market optimism that the US Federal Reserve will delay QE3 exit. SHFE aluminum for January delivery hit a high of RMB 14,430/mt in the morning session, but sank to RMB 14,380/mt in the afternoon due to the Shanghai Composite Index’s retreat from 2,200 points. Finally, SHFE 1401 aluminum contract ended up RMB 30/mt at RMB 14,395/mt. Trading volumes added 5,352 lots to 8,808 lots, and positions also grew 324 lots to 58,950 lots.

SHFE 1311 aluminum contract hovered near RMB 14,510/mt in the morning session after opening at RMB 14,500/mt on Wednesday. Spot aluminum in east China followed SHFE 1311 aluminum contract up RMB 50/mt. Prices were RMB 14,520-14,530/mt in Shanghai, RMB 14,510-14,520/mt in Wuxi, and RMB 14,500-14,510/mt in Hangzhou. Cargo holders were actively selling at highs, but higher offers watered down buying interest. Prices in Shanghai were firm at RMB 14,530/mt, but prices in Wuxi and Hangzhou may drop. In the afternoon, SHFE 1311 aluminum contract dropped, sending spot aluminum down. However, lower prices failed to stoke buying interest.  
 

Price

more
62% Fe Fines (Qingdao Port): IOPI62
May.24
758.0
3.0
(0.40%)
62% Fe Fines (Qingdao Port, CFR Equiv.)
May.24
101.8
0.4
(0.41%)
58% Fe Fines (Qingdao Port): IOPI58
May.24
644.0
0.0
(0.00%)
58% Fe Fines (Qingdao Port, CFR Equiv.)
May.24
86.8
0.0
(0.00%)
65% Fe Fines (Qingdao Port): IOPI65
May.24
866.0
2.0
(0.23%)

SMM Aluminum Market Daily Review (2013-10-23)

Price Review & Forecast 09:06:55AM Oct 24, 2013 Source:SMM

SHANGHAI, Oct. 24 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE) opened higher at RMB 14,450/mt on Wednesday. Longs took profits at highs, causing positions of SHFE 1312 aluminum contract to contract by over 3,000 lots before noon. As a result, SHFE 1401 aluminum contract became the most active one, which started higher at RMB 14,410/mt on market optimism that the US Federal Reserve will delay QE3 exit. SHFE aluminum for January delivery hit a high of RMB 14,430/mt in the morning session, but sank to RMB 14,380/mt in the afternoon due to the Shanghai Composite Index’s retreat from 2,200 points. Finally, SHFE 1401 aluminum contract ended up RMB 30/mt at RMB 14,395/mt. Trading volumes added 5,352 lots to 8,808 lots, and positions also grew 324 lots to 58,950 lots.

SHFE 1311 aluminum contract hovered near RMB 14,510/mt in the morning session after opening at RMB 14,500/mt on Wednesday. Spot aluminum in east China followed SHFE 1311 aluminum contract up RMB 50/mt. Prices were RMB 14,520-14,530/mt in Shanghai, RMB 14,510-14,520/mt in Wuxi, and RMB 14,500-14,510/mt in Hangzhou. Cargo holders were actively selling at highs, but higher offers watered down buying interest. Prices in Shanghai were firm at RMB 14,530/mt, but prices in Wuxi and Hangzhou may drop. In the afternoon, SHFE 1311 aluminum contract dropped, sending spot aluminum down. However, lower prices failed to stoke buying interest.