SHFE Aluminum Ends Higher (2017-3-16)

Published: Mar 16, 2017 17:03

Save

SHFE 1705 aluminum started at RMB 13,810/mt and ended at RMB 13,960/mt.

SHANGHAI, Mar. 16 (SMM) – On Thursday, SHFE 1705 aluminum started at RMB 13,810/mt and then advanced to RMB 13,900/mt. The contract met strong resistance at the 40-day moving average and declined slightly with positions opening by shorts. SHFE 1705 aluminum increased slightly thanks to entering of longs. During the afternoon trading, SHFE 1705 aluminum climbed to RMB 13,985/mt quickly and ended at RMB 13,960/mt. Trading volumes increased to 374,822 lots and positions rose 7,322 to 301,200. US Federal Reserve raised rate at March’s meeting as expected on Wednesday but US dollar index dipped sharply, supporting base metals to rise.

SHFE 1705 aluminum will fluctuate at RMB 14,000/mt on Thursday’s night trading.

SHFE aluminum LME aluminum 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

QatarEnergy to Suspend Production of Certain Downstream LNG Products

QatarEnergy announced in a news release on its official website that, after deciding to halt production of liquefied natural gas (LNG) and its related products, the company will also suspend production of certain downstream products within Qatar, specifically including urea, polymers, methanol, and aluminum.

3 hours ago

5 hours ago

Domestic ADC12 Prices Rise by 300 Yuan/mt, Driven by Cost and Steady Demand Recovery

[SMM Aluminum Alloy Daily Review] Domestic ADC12 spot quotes continued to rise, with the mainstream increase reaching 300 yuan/mt. Cost side, supported by raw material prices rising in tandem, the bottom remained solid; demand side, although recovering steadily, downstream enterprises still maintained a just-in-time procurement pace. Driven by the consecutive gains, market sentiment of “rush to buy amid continuous

5 hours ago

SHFE Cast Aluminum Alloy Warrant Volume Down 975 mt to 62,228 mt on March 3

[SMM Flash] SHFE data showed that on March 3, the total registered cast aluminum alloy warrant volume was 62,228 mt, down 975 mt from the previous trading day. Among them, the total registered volume in Shanghai was 6,070 mt, down 90 mt from the previous trading day; Guangdong was 21,089 mt, down 365 mt; Jiangsu was 8,080 mt, down 180 mt; Zhejiang was 21,162 mt, down 240 mt; Chongqing was 4,534 mt, an increase of 0 mt; and Sichuan was 1,293 mt, an increase of 0 mt.

5 hours ago