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SMM Brief on SHFE Aluminum Futures (2014-3-3)
Mar 3,2014 16:29CST
price review forecast
Source:SMM
SHFE 1405 aluminum contract followed LME aluminum down to RMB 13,310/mt after opening last Friday’s night session at RMB 13,360/mt, and closed at RMB 13,320/mt.

SHANGHAI, Mar. 3 (SMM) – SHFE 1405 aluminum contract followed LME aluminum down to RMB 13,310/mt after opening last Friday’s night session at RMB 13,360/mt, and closed at RMB 13,320/mt. 3,354 lots were traded during the night hours, and positions added 546 lots to 93,230 lots. HSBC’s final China manufacturing PMI in February was revised up to 48.5, but still pointed to a 7-month low, offering no support to the light metal. The most active contract hit its lowest in almost five years at RMB 13,205/mt on Monday, and finished the day RMB 115/mt lower at RMB 13,235/mt. 18,070 lots were traded during the day session, with positions up 1,984 lots to 95,214 lots. With bearish sentiment prevailing in the market, further price decline may be on the way.  

 

 

SHFE aluminum prices

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