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SMM Aluminum Market Daily Review (2014-6-24)
Jun 25, 2014 09:09Source:SMM
On Monday night, SHFE 1408 aluminum contract climbed to RMB 13,585/mt after starting at RMB 13,560/mt.
SHANGHAI, Jun. 25 (SMM) – On Monday night, SHFE 1408 aluminum contract climbed to RMB 13,585/mt after starting at RMB 13,560/mt. However, the most active contract retreated to RMB 13,520/mt later in the session before finishing at RMB 13,545/mt. Trading volumes totaled 20,902 lots, with positions up 304 lots to 131,086 lots. On Tuesday, SHFE aluminum for August delivery tumbled to RMB 13,425/mt before closing down RMB 35/mt at RMB 13,480/mt. Trading volumes totaled 33,918 lots, with positions off 6,958 lots to 123,824 lots.
Spot aluminum largely traded between RMB 13,320-13,330/mt in Shanghai on Tuesday, a discount of RMB 80-90/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,320-13,340/mt in Wuxi, and RMB 13,350-13,360/mt in Hangzhou. The pullback in SHFE aluminum prices left suppliers anxious to sell and discouraged buyers from entering the market, sending prices down. In the afternoon, sellers cut offers to RMB 13,310-13,320/mt, with sparse deals reported.
SHFE aluminum prices
Shanghai aluminum prices
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