SMM Aluminum Market Daily Review (2015-1-22)

SHANGHAI, Jan. 23 (SMM) –On Wednesday night, SHFE 1503 aluminum contract shot up after starting at RMB 12,760/mt, and finished the night session at RMB 12,835/mt. Trading volumes totaled 19,842 lots, with positions up 352 to 129,182.

 

On Thursday, the most active contract stayed above the 10-day moving average as longs slightly outnumbered shorts, and ended at RMB 12,825/mt. Trading volumes totaled 34,910 lots, with positions down 2,376 to 126,454. 

 

Spot aluminum largely traded between RMB 12,700-12,710/mt in Shanghai on Thursday, discounts of RMB 60-70/mt over SHFE 1502 aluminum contract, versus RMB 12,710-12,730/mt in Wuxi and RMB 12,680-12,690/mt in Hangzhou. Sellers in Wuxi raised offers due to limited supply, but those in Hangzhou cut offers against growing supply. Processors generally watched from the sidelines. In the afternoon, a few went bargain hunting.