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SMM Aluminum Market Daily Review (2015-4-14)
Apr 15,2015 09:19CST
price review forecast
Source:SMM
On Monday night, SHFE 1506 aluminum contract dropped to RMB 13,070/mt after starting at RMB 13,155/mt, and closed the night session at RMB 13,115/mt.
SHANGHAI, Apr. 15 (SMM) –On Monday night, SHFE 1506 aluminum contract dropped to RMB 13,070/mt after starting at RMB 13,155/mt, and closed the night session at RMB 13,115/mt. Trading volumes totaled 9,656 lots, with positions down 1,512 to 115,634. 
 
On Tuesday, the most active SHFE aluminum contract followed other base metals down to RMB 13,000/mt. Some bears exited at such low price, allowing the contract to bounce back to RMB 13,080/mt. Finally, the light metal ended at RMB 13,020/mt. Trading volumes totaled 67,982 lots, with positions up 1,926 to 119,072. The contract is expected to continue testing support at RMB 13,000/mt in the short term. 
 
Spot aluminum largely traded between RMB 12,950-12,960/mt in Shanghai on Tuesday, discounts of RMB 80-90/mt over SHFE 1504 aluminum contract, versus RMB 12,930-12,950/mt in Wuxi, and RMB 12,970-13,010/mt in Hangzhou. SHFE 1504 aluminum contract continued to fall, sending prices in spot market down below RMB 13,000/mt. Downstream buyers showed little interest, while traders entered the market only when SHFE aluminum moved higher. In the afternoon, buying picked up after SHFE aluminum rose.  
 
 
 
 
SHFE aluminum prices
Shanghai aluminum prices

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