SMM Aluminum Market Daily Review (2015-11-18)

Published: Nov 19, 2015 09:27

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The US dollar index shot up to near 100, exerting heavy downward pressure on base metals.

SHANGHAI, Nov. 19 (SMM) –The US dollar index shot up to near 100, exerting heavy downward pressure on base metals. SHFE 1601 aluminum fell below RMB 10,000/mt shortly after opening at RMB 10,070/mt on Wednesday. The contract rebounded later, but then dropped back again to an intraday low of RMB 9,930/mt. The most active contract moved around RMB 10,000/mt in the afternoon, and finally ended at RMB 10,025/mt, with resistance at the 5-day moving average. Trading volumes were down 41,670 lots to 246,388 lots, and positions were up 1,422 to 237,860. Longs and shorts will continue competing at RMB 10,000/mt mark in the near term.

In east China spot aluminum market, suppliers did not hold back goods even after prices fell below RMB 10,000/mt as they are bitten by year-end cash crunch. Buying activity remained tepid. Prices were mainly between RMB 9,910-9,920/mt in Shanghai on Wednesday, discount of RMB 130-120/mt over SHFE 1512 aluminum, versus RMB 9,910-9,920/mt in Wuxi and RMB 9,920-9,930/mt in Hangzhou. In the afternoon, trading was subdued, with only a few deals reported at RMB 9,900/mt.

Al price SHFE aluminum prices Shanghai aluminum prices

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