SMM Aluminum Market Daily Review (2015-3-31)

Published: Apr 1, 2015 09:04

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SHFE 1506 aluminum contract climbed to RMB 13,380/mt after starting Monday’s night session at RMB 13,315/mt as the Chinese government introduced favorable polices to shore up property market.

SHANGHAI, Apr. 1 (SMM) –SHFE 1506 aluminum contract climbed to RMB 13,380/mt after starting Monday’s night session at RMB 13,315/mt as the Chinese government introduced favorable polices to shore up property market. The contract closed at RMB 13,375/mt. Trading volumes totaled 14,914 lots, with positions up 4,452 to 124,598.

On Tuesday, June aluminum on the SHFE hit RMB 13,420/mt, its highest in over three months as investors continued to digest favorable policies in the housing market. Finally, the contract ended at RMB 13,370/mt. Trading volumes totaled 58,312 lots, with positions up 6,500 to 126,646.

Spot aluminum largely traded between RMB 13,220-13,240/mt in Shanghai on Tuesday, discounts of RMB 160-180/mt over SHFE 1504 aluminum contract, versus RMB 13,210-13,230/mt in Wuxi, and RMB 13,260-13,270/mt in Hangzhou. SHFE 1504 aluminum contract touched its highest in over three months at RMB 13,420/mt, turning market players in physical market bullish. Traders stockpiled goods aggressively, pushing prices up. In the afternoon, sellers held back goods in hopes of higher prices, with few deals reported.

SHFE aluminum prices Shanghai aluminum prices

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