SMM Aluminum Market Daily Review (2015-1-29)

SHANGHAI, Jan. 30 (SMM) –On Wednesday night, SHFE 1504 aluminum contract slipped to RMB 12,840/mt after starting at RMB 12,870/mt, and finished the night session at RMB 12,855/mt. Trading volumes totaled 6,150 lots, with positions up 952 to 135,788.

 

On Thursday, the most active contract fell to RMB 12,815/mt before ending at RMB 12,830/mt. Trading volumes totaled 18,792 lots, with positions up 1,886 to 136,722.   

  

Spot aluminum largely traded between RMB 12,650-12,670/mt in Shanghai on Thursday, discounts of RMB 60-80/mt over SHFE 1502 aluminum contract, versus RMB 12,650-12,680/mt in Wuxi and RMB 12,620-12,640/mt in Hangzhou. Processors pushed for lower prices, causing spot discounts to widen. Traders were active in the market. In the afternoon, cargo holders held offers between RMB 12,660-12,670/mt, and some traders entered the market at current lows.