SMM Aluminum Market Daily Review (2015-10-20)

SHANGHAI, Oct. 21 (SMM) –SHFE 1512 aluminum hit a near 7-year low of RMB 10,980/mt on Tuesday on strong bearishness. The contract then stabilized above RMB 11,000/mt as some shorts exited, and finally ended down RMB 80/mt or 0.72% at RMB 11,010/mt. Trading volumes of SHFE 1512 aluminum were down 12,456 lots to 66,288 lots, and its positions were down 11,176 lots to 152,000 lots. 

SHFE 1511 aluminum fell to RMB 11,020/mt on Tuesday morning, triggering pessimism in east China spot aluminum market. Sellers sold actively in panic, while buyers stayed out of the market. Prices were mainly between RMB 10,870-10,880/mt in Shanghai, discount of RMB 150-140/mt over SHFE 1511 aluminum, versus RMB 10,870-10,880/mt in Wuxi, and RMB 10,870-10,890/mt in Hangzhou. In the afternoon, prices were reported at RMB 10,900/mt.