SMM Aluminum Market Daily Review (2015-6-5)

Jun 8, 2015 09:51

Last Friday, massive entry of shorts caused SHFE 1508 aluminum contract to drop to RMB 13,000/mt before ending at RMB 13,010/mt.

SHANGHAI, Jun. 8 (SMM) –Last Friday, massive entry of shorts caused SHFE 1508 aluminum contract to drop to RMB 13,000/mt before ending at RMB 13,010/mt. Trading volumes totaled 36,360 lots, and positions were up 608 to 133,402. Prices are likely to fall below RMB 13,000/mt in the near term on growing bearishness.

Spot aluminum largely traded between RMB 12,860-12,870/mt in Shanghai last Friday, discounts of RMB 90-100/mt over SHFE 1506 aluminum contract, versus RMB 12,840-12,860/mt in Wuxi, and RMB 12,890-12,900/mt in Hangzhou. Sellers rushed to sell, but processors bought only as needed and pushed for lower prices. In the afternoon, market turned quiet as sellers and buyers couldn’t agree over pricing.

SHFE aluminum prices

Shanghai aluminum prices

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SMM Aluminum Market Daily Review (2015-6-5)

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