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SMM Aluminum Market Daily Review (2014-10-24)
Oct 27,2014 09:48CST
price review forecast
Source:SMM
Last Thursday night, SHFE 1412 aluminum contract crept higher to RMB 13,860/mt after starting at RMB 13,750/mt, and finished the night session at RMB 13,785/mt.
SHANGHAI, Oct. 27 (SMM) –Last Thursday night, SHFE 1412 aluminum contract crept higher to RMB 13,860/mt after starting at RMB 13,750/mt, and finished the night session at RMB 13,785/mt. Trading volumes totaled 18,060 lots, with positions down 1,798 lots to 97,978 lots. 
 
Last Friday, the most active contract hovered below the daily moving average in the morning, but rose to RMB 13,800/mt in the afternoon as some short sellers closed positions. Finally, December aluminum on the SHFE closed at RMB 13,785/mt. Trading volumes totaled 22,552 lots, with positions down 1,836 lots to 96,142 lots. 
 
Spot aluminum largely traded at RMB 13,580-13,600/mt in Shanghai last Friday, discounts of RMB 110-120/mt over SHFE 1411 aluminum contract, versus RMB 13,570-13,580/mt in Wuxi and RMB 13,590-13,600/mt in Hangzhou. Downstream producers entered the market after watching from the sidelines for a week as SHFE aluminum showed signs of rebounding. Traders also showed high buying interest for arbitrage on the SHFE. This allowed sellers to demand higher prices. In the afternoon, sellers raised offers further to RMB 13,600-13,610/mt, which cooled buying down. 
 
 
 
 
 
 
 
SHFE aluminum prices
Shanghai aluminum prices

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