SMM Aluminum Weekly Price Review and Forecast (28 Oct. -1 Nov. 2013)

Price Review & Forecast 05:12:46PM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – 

Review:
Longs aggressively closed positions after SHFE 1312 aluminum contract prices rose to RMB 14,450-14,555/mt, making SHFE 1401 aluminum contracts the new most active contract last Wednesday. Prices for SHFE 1401 aluminum contracts opened lower at RMB 14,355/mt on Thursday, but drifted higher after HSBC’s flash China manufacturing PMI for October boosted market sentiment.

In spot markets, spot aluminum prices rose from RMB 14,460/mt last Monday, to RMB 14,500/mt on Wednesday. Trading in Shanghai was brisk, but high premiums in other regions drove downstream producers to the sidelines.  

Forecast:  
In the coming week, SHFE 1401 aluminum contract prices will have little room to fall given the latest positive Chinese economic figures, with prices expected to move in a RMB 14,300 -14,450/mt range.
 

SMM Aluminum Weekly Price Review and Forecast (28 Oct. -1 Nov. 2013)

Price Review & Forecast 05:12:46PM Oct 28, 2013 Source:SMM

SHANGHAI, Oct. 28 (SMM) – 

Review:
Longs aggressively closed positions after SHFE 1312 aluminum contract prices rose to RMB 14,450-14,555/mt, making SHFE 1401 aluminum contracts the new most active contract last Wednesday. Prices for SHFE 1401 aluminum contracts opened lower at RMB 14,355/mt on Thursday, but drifted higher after HSBC’s flash China manufacturing PMI for October boosted market sentiment.

In spot markets, spot aluminum prices rose from RMB 14,460/mt last Monday, to RMB 14,500/mt on Wednesday. Trading in Shanghai was brisk, but high premiums in other regions drove downstream producers to the sidelines.  

Forecast:  
In the coming week, SHFE 1401 aluminum contract prices will have little room to fall given the latest positive Chinese economic figures, with prices expected to move in a RMB 14,300 -14,450/mt range.