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SMM Aluminum Market Daily Review (2014-8-12)
Aug 13, 2014 08:39Source:SMM
On Monday night, SHFE 1410 aluminum contract moved sidelines after starting higher at RMB 14,170/mt, and finished the night session at RMB 14,155/mt.
SHANGHAI, Aug. 13 (SMM) – On Monday night, SHFE 1410 aluminum contract moved sidelines after starting higher at RMB 14,170/mt, and finished the night session at RMB 14,155/mt. Trading volumes totaled 23,106 lots, with positions up 3,170 lots to 147,762 lots.
On Tuesday, the most active contract climbed to RMB 14,230/mt as some long buyers jumped in, but then pared gains to end at RMB 14,170/mt since some investors closed long positions. Trading volumes totaled 74,632 lots, with positions up 1,548 lots to 149,310 lots.
Spot aluminum largely traded at RMB 13,990-14,000/mt in Shanghai and Wuxi on Tuesday, a discount of RMB 30-40/mt over SHFE 1408 aluminum contract, versus RMB 14,010-14,020/mt in Hangzhou. SHFE 1408 aluminum contract fell after opening higher, causing some sellers to cut offers by RMB 10/mt. Trading was thin. In the afternoon, suppliers held back goods after SHFE aluminum rallied, with few deals completed.
SHFE aluminum prices
Shanghai aluminum prices
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