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SMM Aluminum Market Daily Review (2015-4-1)
Apr 2,2015 09:27CST
price review forecast
Source:SMM
SHFE 1506 aluminum contract inched up after starting Tuesday’s night session at RMB 13,360/mt, and closed at RMB 13,370/mt.
SHANGHAI, Apr. 2 (SMM) –SHFE 1506 aluminum contract inched up after starting Tuesday’s night session at RMB 13,360/mt, and closed at RMB 13,370/mt. Trading volumes totaled 11,294 lots, with positions down 50 to 126,596. 
 
China’s official manufacturing PMI was 50.1 in March, beating expectations. HSBC’s China manufacturing PMI for March was 49.6, but this had little impact on SHFE aluminum. June aluminum on the SHFE rose to RMB 13,405/mt on Wednesday, but pared gains later, ending at RMB 13,370/mt. Trading volumes totaled 25,522 lots, with positions down 1,246 to 125,400. 
 
Spot aluminum largely traded between RMB 13,250-13,260/mt in Shanghai on Wednesday, discounts of RMB 130-140/mt over SHFE 1504 aluminum contract, versus RMB 13,230-13,250/mt in Wuxi, and RMB 13,290-13,300/mt in Hangzhou. Limited supply in Shanghai allowed local suppliers to hold offers firm. Hedged goods flowed in due to narrowing spot discounts in Wuxi. Traders in Wuxi were cautious about buying, while local processors bought only to need. In the afternoon, few deals were reported.  
 
 
 
 
 
SHFE aluminum prices
Shanghai aluminum prices

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