SMM Aluminum Market Daily Review (2015-5-20)

SHANGHAI, May 21 (SMM) –On Wednesday, SHFE 1507 aluminum contract climbed to RMB 13,220/mt in early morning session. But prices fell back on a stronger US dollar in the afternoon to close at RMB 13,170/mt. Trading volumes totaled 30,172 lots, and positions were down 6,774 to 116,398.  

 

Spot aluminum largely traded between RMB 13,030-13,040/mt in Shanghai on Wednesday, discounts of RMB 130-140/mt over SHFE 1506 aluminum contract, versus RMB 13,010-13,040/mt in Wuxi, and RMB 13,040-13,050/mt in Hangzhou. Suppliers were eager to sell, but buyers showed little interest out of pessimism, sending prices down. In the afternoon, some cut offers to RMB 13,020/mt after SHFE aluminum pulled back, but trading was subdued.