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SMM Aluminum Market Daily Review (2014-3-7)
Mar 10,2014 09:33CST
price review forecast
Source:SMM
SHFE 1406 aluminum contract became the most active one last Thursday, which drifted higher after starting the night session at RMB 13,300/mt and closed at a session high of RMB 13,325/mt.

SHANGHAI, Mar. 10 (SMM) – SHFE 1406 aluminum contract became the most active one last Thursday, which drifted higher after starting the night session at RMB 13,300/mt and closed at a session high of RMB 13,325/mt. Trading volumes during the night hours totaled 5,072 lots, and positions added 480 lots to 98,284 lots. However, the light metal erased all the gains built up overnight last Friday. Prices fell to RMB 13,250/mt before finishing RMB 25/mt or 0.19% lower at RMB 13,270/mt. Trading volumes during the daytime session totaled 9,048 lots, and positions were up 4,148 lots to 101,952 lots. 

Spot aluminum largely traded at RMB 12,800-12,810/mt in Shanghai last Friday, a discount of RMB 260-270/mt over SHFE 1403 aluminum contract prices, RMB 12,770-12,790/mt in Wuxi, and RMB 12,810-12,820/mt in Hangzhou. Downstream producers went bargain hunting after prices in Shanghai fell to RMB 12,790/mt, allowing sellers to raise offers. However, consumption faltered once prices rose. In the afternoon, offers in spot aluminum markets held flat at RMB 12,800-12,810/mt. SHFE aluminum inventories grew 26,080 mt to 309,654 mt last week, which will weigh aluminum prices down this coming week.  

 

SHFE aluminum prices
Shanghai aluminum prices

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