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SHFE Aluminum Closes Higher (2017-2-14)

iconFeb 14, 2017 17:33
Source:SMM
SHFE 1704 aluminum started at RMB 14,085/mt and finally closed at RMB 14,415/mt.

SHANGHAI, Feb. 14 (SMM) – On Tuesday, SHFE 1704 aluminum started at RMB 14,085/mt and increased slightly. During the afternoon trading, SHEF 1704 aluminum surged to RMB 14,435/mt with entering of longs and hit the highest level since September 2014. The contract finally closed at RMB 14,415/mt. Trading volumes increased to 426,604 lots and positions rose to 51,098. Aluminum smelters held back sales. This, combined with inflowing capitals and various news, led to rising SHFE 1703 aluminum. Spot inventory is more than 1 million mt but spot supply was limited in China’s market. Inventory outflow was low with downstream producers’ low purchase interest at high prices.

As downstream producers have not started replenishing after 2017 Chinese New Year holiday, SHFE 1704 aluminum is expected to advance further.

SHFE aluminum
LME aluminum
aluminum prices

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