SMM Aluminum Market Daily Review (2014-3-21)

SHANGHAI, Mar. 24 (SMM) - The most active SHFE aluminum contract prices bounced back to a high of RMB 12,855/mt after starting at RMB 12,750/mt, and closed last Thursday’s night session at RMB 12,800/mt. Trading volumes reached 14,962 lots, while positions gained 1,738 lots to 119,244 lots. During last Friday’s daytime hours, SHFE aluminum prices gave back early gains to dip to RMB 12,710/mt, and later rebounded slightly to finish down RMB 90/mt, or 0.7%, at RMB 12,765/mt. Trading volumes totaled 22,610 lots, and positions expanded 446 lots to 119,690 lots.

Spot aluminum largely traded at RMB 14,320-12,340/mt in Shanghai last Friday, RMB 12,310-12,320/mt in Wuxi, and RMB 12,340-12,350/mt in Hangzhou. Cargo holders were eager to sell. Downstream producers purchased in small amounts heading into the weekend, while traders were more interested in buying. In the afternoon, offers remained stable, with few deals being completed.