SMM Aluminum Market Daily Review (2013-11-21)

SHANGHAI, Nov. 22 (SMM) – SHFE 1402 aluminum contract became the most active one on Thursday and opened at RMB 14,155/mt. The contract slipped to its lowest since September 24 at RMB 14,130/mt as bearish sentiment dominated. The light metal rallied slightly in late trading hours before ending the day down RMB 40/mt at RMB 14,155/mt. Trading volumes tumbled 4,454 lots to 4,746 lots, but positions added 1,736 lots to 45,604 lots.

SHFE 1312 aluminum contract stayed above RMB 14,300/mt on Thursday. Spot aluminum prices were RMB 14,350-14,360/mt in Shanghai, RMB 14,340-14,360/mt in Wuxi, and RMB 14,330-14,340/mt in Hangzhou. Cargo holders held offers firm, while downstream producers and traders increased purchases, improving overall trading.