SMM Aluminum Market Daily Review (2013-10-24)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2013-10-24)

Price Review & Forecast 09:06:15AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, slipped to RMB 14,340/mt after opening lower at RMB 14,355/mt on Thursday, dragged down by falling LME aluminum overnight. The light metal, however, bounced back to RMB 14,395/mt later in the day on positive HSBC’s flash China manufacturing PMI for October, which hit a 7-month high of 50.9. Finally, SHFE aluminum for January delivery closed at RMB 14,390/mt. Trading volumes contracted 4,644 lots to 4,164 lots, while positions grew 108 lots to 59,058 lots.

SHFE 1311 aluminum contract drifted higher to RMB 14,485/mt after a low opening on Thursday, boosted by upbeat HSBC’s flash China manufacturing PMI for October. Spot aluminum prices in Shanghai slid to RMB 14,470-14,490/mt as arrivals grew slightly, a discount of RMB 0-20/mt over SHFE current-month aluminum contract. Prices were RMB 14,470-14,480/mt in Wuxi and Hangzhou. Demand from downstream producers picked up a little, while traders contributed most to today’s transactions. In the afternoon, suppliers remained eager to sell, but few buyers entered the market, with traded prices little changed. 
 

Price

more
1# Silver ingots(99.99%)
May.21
3487.0
-3.0
(-0.09%)
2# Silver ingots(99.95%)
May.21
3472.0
-3.0
(-0.09%)
3# Silver ingots(99.90%)
May.21
3457.0
-3.0
(-0.09%)
Gold(99.99%)
May.21
286.2
-0.3
(-0.12%)
Gold(99.95%)
May.21
286.2
-0.3
(-0.10%)

SMM Aluminum Market Daily Review (2013-10-24)

Price Review & Forecast 09:06:15AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, slipped to RMB 14,340/mt after opening lower at RMB 14,355/mt on Thursday, dragged down by falling LME aluminum overnight. The light metal, however, bounced back to RMB 14,395/mt later in the day on positive HSBC’s flash China manufacturing PMI for October, which hit a 7-month high of 50.9. Finally, SHFE aluminum for January delivery closed at RMB 14,390/mt. Trading volumes contracted 4,644 lots to 4,164 lots, while positions grew 108 lots to 59,058 lots.

SHFE 1311 aluminum contract drifted higher to RMB 14,485/mt after a low opening on Thursday, boosted by upbeat HSBC’s flash China manufacturing PMI for October. Spot aluminum prices in Shanghai slid to RMB 14,470-14,490/mt as arrivals grew slightly, a discount of RMB 0-20/mt over SHFE current-month aluminum contract. Prices were RMB 14,470-14,480/mt in Wuxi and Hangzhou. Demand from downstream producers picked up a little, while traders contributed most to today’s transactions. In the afternoon, suppliers remained eager to sell, but few buyers entered the market, with traded prices little changed.