SMM Aluminum Market Daily Review (2015-3-12)

SHANGHAI, Mar. 13 (SMM) –SHFE 1505 aluminum contract slid to RMB 12,890/mt after starting Wednesday’s night session at RMB 12,945/mt. The most active contract ended at RMB 12,930/mt. Trading volumes totaled 11,990 lots, with positions down 1,192 to 122,050. 

 

May aluminum on the SHFE shot up to RMB 13,290/mt on Thursday on a wave of buying, but then fell back. China’s M2 growth was 12.5% last month, well above forecast, pushing the contract up to end at RMB 13,120/mt. Trading volumes totaled 58,044 lots, with positions down 6,700 to 116,542. 

 

Spot aluminum largely traded between RMB 12,730-12,740/mt in Shanghai on Thursday, discounts of RMB 170-180/mt over SHFE 1503 aluminum contract, versus RMB 12,720-12,730/mt in Wuxi, and RMB 12,740-12,750/mt in Hangzhou. Processors cut purchases and pushed for lower input costs. In the afternoon, trading was muted.