SMM Aluminum Weekly Price Review and Forecast (Jun. 3-6, 2014)

SHANGHAI, Jun. 4 (SMM) – Last week, SHFE 1408 aluminum contract prices followed rising LME aluminum prices up above RMB 13,500/mt, but then fell back slightly. Prices for the most active contract rebounded again last Friday to above RMB 13,540/mt as long buyers dominated the market. In China’s physical markets, sharply rising prices turned buyers away. Cargo holders became eager to sell due to tight liquidity at the month’s end, adding to oversupply pressure and sending prices lower. No massive restocking was reported before the Dragon Boat festival holiday in China.