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SMM Brief on SHFE Aluminum Futures (2013-11-1)
Nov 1,2013 19:42CST
price review forecast
Source:SMM
January aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened lower at RMB 14,385/mt on Friday, weighted down falling LME aluminum overnight.

SHANGHAI, Nov. 1 (SMM) – January aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened lower at RMB 14,385/mt on Friday, weighted down falling LME aluminum overnight. The light metal dipped to RMB 14,375/mt. but rebounded later in the day on positive Chinese economic data. China’s official manufacturing PMI released by the National Bureau of Statistics (NBS) came in at 51.4 in October, a record high since last April. Boosting market sentiment further was HSBC’s China manufacturing PMI, which hit a 7-month high of 50.9 in October. SHFE 1401 aluminum contract gained RMB 30/mt to close the day at RMB 14,440/mt. Trading volumes decreased 2,980 lots to 4,760 lots, while positions also dropped 1,016 lots to 53,626 lots. The rally may be a short-lived one, though, since the price increase was driven primarily by investors closing bear positions.
 

SHFE aluminum

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