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SMM Aluminum Market Daily Review (2014-4-1)
Apr 2,2014 09:17CST
price review forecast
Source:SMM
On Monday night, SHFE 1406 aluminum contract climbed to RMB 13,075/mt after starting at RMB 13,045/mt, but then surrendered gains to end the night session at RMB 13,065/mt.

SHANGHAI, Apr. 2 (SMM) – On Monday night, SHFE 1406 aluminum contract climbed to RMB 13,075/mt after starting at RMB 13,045/mt, but then surrendered gains to end the night session at RMB 13,065/mt. Trading volumes totaled 9,104 lots, and positions increased 926 lots to 119,592 lots. China’s official manufacturing PMI finalized at 50.3 in March, higher than the preliminary reading. However, HSBC’s final China manufacturing PMI for March was revised down to 48. The most active contract moved lower to RMB 13,000/mt on the heels of downbeat manufacturing data on Tuesday, closing the daytime session down RMB 15/mt at RMB 13,025/mt. Trading volumes totaled 13,578 lots, and positions were down 378 lots to 118,288 lots. The light metal should continue to test support at RMB 13,000/mt mark for the near future.

Spot aluminum largely traded at RMB 12,670-12,690/mt in Shanghai on Tuesday, RMB 12,680-12,690/mt in Wuxi and Hangzhou. Despite the pullback in SHFE 1404 aluminum contract prices, sellers in physical markets still held offers firm. Overall trading was modest. In the afternoon, suppliers held offers at RMB 12,670-12,680/mt, while buyers stayed out of the market.

     


 

SHFE aluminum prices
Shanghai aluminum prices

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