SMM Aluminum Market Daily Review (2015-5-12)

Published: May 13, 2015 09:13

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On Tuesday, SHFE 1507 aluminum contract drifted lower after opening at RMB 13,450/mt.

SHANGHAI, May 13 (SMM) –On Tuesday, SHFE 1507 aluminum contract drifted lower after opening at RMB 13,450/mt. The contract closed at an intraday low of RMB 13,315/mt. Trading volumes totaled 3,918 lots, and positions were down 2,712 to 131,570. Prices might test support at the 20-day moving average since technical side is negative.

Spot aluminum in east China followed SHFE 1505 aluminum contract down on Tuesday. Mainstream traded prices were RMB 13,040-13,060/mt in Shanghai, discounts of RMB 150-170/mt over SHFE 1505 aluminum contract, versus RMB 13,020-13,050/mt in Wuxi, and RMB 13,060-13,070/mt in Hangzhou. Lower prices lured buyers in. In the afternoon, buying cooled due to uncertainty over future price movement.

SHFE aluminum prices Shanghai aluminum prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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