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

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.