SHFE Aluminum Sees Strong Resistance among Metals, SMM Reports

Published: Apr 7, 2017 17:01

Save

May Aluminum Contract on the SHFE only fell 0.8% on Friday despite the nosedive of ferrous and other nonferrous metals.

SHANGHAI, Apr. 7 (SMM) - May Aluminum Contract on the SHFE only fell 0.8% on Friday despite the nosedive of ferrous and other nonferrous metals.

Breaking News: What Triggers Wide-Spread Declines in China Base Metals Market on Friday? SMM Reports

SHFE aluminum for May delivery opened at 13,975 yuan per tonne, and dipped to 13,940 yuan per tonne at one point with the drag of other metals. Aluminum witnessed strong resistance, and finished the day at 14,005 yuan per tonne with short covering at the end of trading.

SHFE aluminum will hover at highs in the near term, SMM foresees. Prices will fluctuate around 14,000 yuan per tonne level this evening.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

aluminum prices SHFE aluminum aluminum

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

6 hours ago

Aluminum Producers' Operating Rates Rebound to 61.9%; High Prices Challenge "Golden March" Peak Season [SMM Survey]

[SMM Weekly Survey of the Aluminum Downstream Sector: Downstream Aluminum Operating Rate Continued to Rebound to 61.9%, with High Prices Suppressing the Peak "Golden March" Season] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rose 2.4 percentage points MoM to 61.9%, overall extending the post-holiday recovery trend, with all segments rebounding MoM, and the industry as a whole entering a normal production pace.

6 hours ago

10 hours ago

ADC12 Prices Rose Again This Week[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]

[[Weekly Review of Aluminum Scrap and Secondary Aluminum]]Aluminum Prices Strengthened This Week, Rising Costs Drove Up ADC12 Prices

10 hours ago

11 hours ago

SHFE Cast Aluminum Alloy Warrants Down 540 mt to 55,360 mt on March 12

[SMM Flash News] SHFE data showed that as of March 12, the total registered volume of cast aluminum alloy warrants was 55,360 mt, down 540 mt from the previous trading day. By region, the total registered volume was Shanghai (4,930 mt, down 150 mt), Guangdong (19,242 mt, unchanged), Jiangsu (6,756 mt, down 149 mt), Zhejiang (18,540 mt, down 182 mt), Chongqing (4,144 mt, down 90 mt), and Sichuan (1,748 mt, down 59 mt).

11 hours ago