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

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

Price Review & Forecast 09:25:45AM Aug 11, 2014 Source:SMM
SHANGHAI, Aug. 11 (SMM) – Last Thursday night, SHFE 1410 aluminum contract started at RMB 14,120/mt. Prices touched a session high of RMB 14,185/mt and session low of RMB 14,090/mt. Trading volumes totaled 63,422 lots, with positions up 4,576 lots to 152,496 lots. 
 
Last Friday, the most active contract moved lower to RMB 14,060/mt as investors closed positions, drawing no support from strong Chinese trade data for July. The light metal closed at RMB 14,085/mt. Trading volumes totaled 40,084 lots, with positions down 5,822 lots to 146,674 lots.  
 
Spot aluminum largely traded at RMB 14,000-14,020/mt in Shanghai and Wuxi last Friday, a discount of RMB 10-30/mt over SHFE 1408 aluminum contract, versus RMB 14,010-14,030/mt in Hangzhou. Downstream demand picked up as the weekend is approaching. In the afternoon, sellers cut offers slightly after the front-month contract moved lower, but few deals closed. 
 
 
 
 
 
 
 

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

Price Review & Forecast 09:25:45AM Aug 11, 2014 Source:SMM
SHANGHAI, Aug. 11 (SMM) – Last Thursday night, SHFE 1410 aluminum contract started at RMB 14,120/mt. Prices touched a session high of RMB 14,185/mt and session low of RMB 14,090/mt. Trading volumes totaled 63,422 lots, with positions up 4,576 lots to 152,496 lots. 
 
Last Friday, the most active contract moved lower to RMB 14,060/mt as investors closed positions, drawing no support from strong Chinese trade data for July. The light metal closed at RMB 14,085/mt. Trading volumes totaled 40,084 lots, with positions down 5,822 lots to 146,674 lots.  
 
Spot aluminum largely traded at RMB 14,000-14,020/mt in Shanghai and Wuxi last Friday, a discount of RMB 10-30/mt over SHFE 1408 aluminum contract, versus RMB 14,010-14,030/mt in Hangzhou. Downstream demand picked up as the weekend is approaching. In the afternoon, sellers cut offers slightly after the front-month contract moved lower, but few deals closed.