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SMM Aluminum Market Daily Review (2014-10-9)
Oct 10,2014 08:54CST
price review forecast
Source:SMM
SHFE 1412 aluminum contract fell to RMB 13,760/mt on Wednesday night, but bounced back to RMB 13,910/mt on Thursday, driven by LME aluminum.
SHANGHAI, Oct. 10 (SMM) – SHFE 1412 aluminum contract fell to RMB 13,760/mt on Wednesday night, but bounced back to RMB 13,910/mt on Thursday, driven by LME aluminum. Prices, however, still closed RMB 115/mt or 0.82% lower at RMB 13,885/mt. Trading volumes surged 65,816 lots to 99,762 lots, with positions down 910 lots to 145,296 lots. Positions of SHFE 1501 and 1502 contracts increased by 7,952 lots and 2,980 lots, respectively, indicating that investors are not bearish toward distant month contracts.   
  
Spot aluminum largely traded at RMB 13,840-13,850/mt in Shanghai on Thursday, discounts of RMB 0-10/mt over SHFE 1410 aluminum contract, versus RMB 13,840-13,870/mt in Wuxi and RMB 13,850-13,860/mt in Hangzhou. Sellers were anxious to sell against growing inventories, but buyers mostly stayed out of the market, sending prices down. In the afternoon, wait-and-see sentiment dominated the market, with a few deals completed between RMB 13,840-13,850/mt in Shanghai. 
 
 
 
 
SHFE aluminum prices
Shanghai aluminum prices

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