SMM Aluminum Market Daily Review (2014-8-5)-Shanghai Metals Market

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SMM Aluminum Market Daily Review (2014-8-5)

Price Review & Forecast 09:15:58AM Aug 06, 2014 Source:SMM
SHANGHAI, Aug. 6 (SMM) –On Monday night, SHFE 1410 aluminum contract rose to RMB 14,170/mt after starting higher at RMB 14,075/mt, and finished the night session at RMB 14,155/mt. Trading volumes totaled 55,408 lots, with positions up 4,402 lots to 163,702 lots.          
 
On Tuesday, the most active contract lost steam in the absence of positive news, ending the day at RMB 14,110/mt. Trading volumes totaled 41,782 lots, with positions down 6,740 lots to 156,962 lots. Investors may take profits at highs, leaving the light metal vulnerable to losses.
 
Spot aluminum largely traded at RMB 14,010-14,020/mt in Shanghai on Tuesday, a discount of RMB 20-30/mt over SHFE 1408 aluminum contract. Mainstream traded prices were RMB 14,020-14,040/mt in Wuxi and RMB 14,030-14,040/mt in Hangzhou. Rising SHFE aluminum allowed sellers to demand higher prices, driving downstream producers to the sidelines. Only a few traders were willing to buy. In the afternoon, the pullback in SHFE aluminum and tepid demand pushed some sellers to cut offers to RMB 14,010/mt, but lower offers did not stoke buying interest, 
 
 
 
 
 
 

SMM Aluminum Market Daily Review (2014-8-5)

Price Review & Forecast 09:15:58AM Aug 06, 2014 Source:SMM
SHANGHAI, Aug. 6 (SMM) –On Monday night, SHFE 1410 aluminum contract rose to RMB 14,170/mt after starting higher at RMB 14,075/mt, and finished the night session at RMB 14,155/mt. Trading volumes totaled 55,408 lots, with positions up 4,402 lots to 163,702 lots.          
 
On Tuesday, the most active contract lost steam in the absence of positive news, ending the day at RMB 14,110/mt. Trading volumes totaled 41,782 lots, with positions down 6,740 lots to 156,962 lots. Investors may take profits at highs, leaving the light metal vulnerable to losses.
 
Spot aluminum largely traded at RMB 14,010-14,020/mt in Shanghai on Tuesday, a discount of RMB 20-30/mt over SHFE 1408 aluminum contract. Mainstream traded prices were RMB 14,020-14,040/mt in Wuxi and RMB 14,030-14,040/mt in Hangzhou. Rising SHFE aluminum allowed sellers to demand higher prices, driving downstream producers to the sidelines. Only a few traders were willing to buy. In the afternoon, the pullback in SHFE aluminum and tepid demand pushed some sellers to cut offers to RMB 14,010/mt, but lower offers did not stoke buying interest,