SMM Aluminum Market Daily Review (2014-10-10)

SHANGHAI, Oct. 11 (SMM) – On Thursday night, SHFE 1412 aluminum contract started at RMB 13,870/mt. The most active contract touched session low of RMB 13,855/mt and session high of RMB 13,960/mt before finishing at RMB 13,870/mt. Trading volumes totaled 45,594 lots, with positions up 2,528 lots to 147,824 lots.  

 

On Friday, prices touched an intraday low of RMB 13,715/mt in the afternoon as investors cut long positions. The contract closed RMB 125/mt or 0.9% lower at RMB 13,735/mt. Trading volumes surged 16,602 lots to 116,263 lots, with positions down 4,256 lots to 141,040 lots. Technical indicators are negative.  

 

Spot aluminum largely traded at RMB 13,800-13,820/mt in Shanghai on Friday, discounts of RMB 0-10/mt and premiums of RMB 0-10/mt over SHFE 1410 aluminum contract, versus RMB 13,800-13,830/mt in Wuxi and RMB 13,810-13,830/mt in Hangzhou. Buyers showed little interest, waiting for prices to fall. In the afternoon, sellers held back goods after SHFE aluminum fell further. A few deals closed between RMB 13,800-13,810/mt.