SMM Aluminum Market Daily Review (2014-6-13)

SHANGHAI, Jun. 16 (SMM) – Last Thursday night, SHFE 1408 aluminum contract slid to RMB 13,385/mt after starting at RMB 13,470/mt, and finished the night session at RMB 13,400/mt. Trading volumes totaled 92,796 lots, with positions up 1,860 lots to 169,584 lots. Last Friday, the most active contract rebound on short-covering and closed the day at RMB 13,470/mt. Trading volumes totaled 58,046 lots, with positions down 13,630 lots to 155,954 lots. 

 

Spot aluminum largely traded between RMB 13,230-13,240/mt in Shanghai last Friday, a discount of RMB 60-70/mt over SHFE 1406 aluminum contract. Mainstream traded prices were RMB 13,210-13,220/mt Wuxi and RMB 13,250-13,260/mt in Hangzhou. Demand picked up ahead of the weekend. In the afternoon, rising SHFE aluminum prices allowed cargo holders to raise offers to RMB 13,240-13,250/mt, with sparse transactions reported.