SMM Aluminum Market Daily Review (2014-10-23)

SHANGHAI, Oct. 24 (SMM) – On Wednesday night, SHFE 1412 aluminum contract was range-bound after starting at RMB 13,785/mt, and finished the night session at RMB 13,790/mt. Trading volumes totaled 19,998 lots, with positions down 120 lots to 103,510 lots.      

 

On Thursday, HSBC’s flash China manufacturing PMI for October was better than expected at 50.4. But sub-index hit 5-month low. This sent the most active contract down to RMB 13,725/mt. Prices rebounded to RMB 13,815/mt in the afternoon before closing at RMB 13,790/mt. Trading volumes totaled 34,440 lots, with positions down 3,734 lots to 99,776 lots.  

 

Spot aluminum largely traded at RMB 13,580-13,590/mt in Shanghai and Wuxi on Thursday, discounts of RMB 110-120/mt over SHFE 1411 aluminum contract, versus RMB 13,600-13,610/mt in Hangzhou. Buyers generally stayed out of the market, sending prices down. In the afternoon, some raised offers slightly to RMB 13,600/mt after SHFE front-month contract moved higher. A few deals were completed.