SMM Aluminum Market Daily Review (2015-10-30)

Published: Nov 2, 2015 09:31

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SHFE 1601 aluminum opened at RMB 10,320/mt on Friday.

SHANGHAI, Nov. 2 (SMM) –SHFE 1601 aluminum opened at RMB 10,320/mt on Friday. The most active contract climbed to RMB 10,390/mt on exit of shorts, but fell back after meeting resistance at the 5-day moving average. Finally, the contract ended up RMB 5/mt or 0.05% at RMB 10,350/mt. Trading volumes were down 153,000 lots to 191,000 lots, and positions were up 4,530 to 265,000. Positions of SHFE aluminum index grew 2,966 to 613,000. Dip-buying was reported.

In east China spot aluminum market, downstream buying picked up on Friday, allowing prices to rebound slightly. Prices were mainly between RMB 10,280-10,295/mt in Shanghai, discount of RMB 90-50/mt over SHFE 1511 aluminum, versus RMB 10,280-10,300/mt in Wuxi, and RMB 10,270-10,280/mt in Hangzhou.

Al price 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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