SMM Aluminum Market Daily Review (2014-10-28)

SHANGHAI, Oct. 29 (SMM) – SHFE 1501 aluminum contract, the most active one, fell to RMB 13,790/mt on Tuesday, despite positive economic data, which showed profits at large-scale industrial enterprises in China rose 0.4% YoY in September. Finally, the contract ended at RMB 13,825/mt. Trading volumes totaled 44,412 lots, with positions up 1,408 lots to 137,358 lots. 

 

Spot aluminum largely traded at RMB 13,630-13,640/mt in Shanghai on Tuesday, discounts of RMB 80-90/mt over SHFE 1411 aluminum contract, versus RMB 13,620-13,630/mt in Wuxi and RMB 13,640-13,650/mt in Hangzhou. Rising aluminum prices in Guangdong allowed sellers in east China to demand higher prices. Trading was brisk in the morning. In the afternoon, offers were unchanged, with sparse transactions reported.