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SMM Aluminum Market Daily Review (2014-7-25)
Jul 28,2014 08:54CST
price review forecast
Source:SMM
Last Thursday night, SHFE 1410 aluminum contract crept higher to RMB 14,135/mt after starting at RMB 14,100/mt, but then pared gains to finish the night session at RMB 14,080/mt.
SHANGHAI, Jul. 28 (SMM) – Last Thursday night, SHFE 1410 aluminum contract crept higher to RMB 14,135/mt after starting at RMB 14,100/mt, but then pared gains to finish the night session at RMB 14,080/mt. Trading volumes totaled 31,238 lots, with positions up 3,336 lots to 150,088 lots.  
 
Last Friday, the most active contract was range-bound in morning session, but rose to RMB 14,250/mt in afternoon trading before ending at RMB 14,220/mt, up RMB 145/mt. Trading volumes totaled 79,598 lots, with positions up 9,000 lots to 159,088 lots. Market sentiment is turning bullish, presaging more gains on the way. 
 
Spot aluminum largely traded between RMB 13,990-14,000/mt in Shanghai last Friday, a discount of RMB 30-40/mt over SHFE 1408 aluminum contract. Mainstream traded prices were RMB 13,990-14,000/mt in Wuxi and RMB 14,010-14,020/mt in Hangzhou. August aluminum on the SHFE hovered near RMB 14,000/mt, driving most market players in spot markets into a wait-and-see posture. Downstream producers built up stocks in small amounts ahead of the weekend. In the afternoon, sellers held back out of bullishness after SHFE aluminum drifted higher. 
 
 
SHFE aluminum prices
Shanghai aluminum prices

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