Shanghai Metals Market
SHFE aluminum contract for September to struggle at RMB 15,950/mt : SMM Daily Review
Edited by : AL CIRCLE
1 min read
The most active SHFE aluminum contract for September delivery opened lower at RMB 15,945/mt and settled down only a slight RMB 30/mt or 0.19% at RMB 15,965/mt, even though LME aluminum dipped to a 2012 low. Positions added 1,720 lots to 97,270 lots. Tight cash flow at month’s end and cautiousness before the US non-farm payroll data had limited the strength of short selling. SMM expects the contract to struggle at RMB 15,950/mt before US employment data.
Spot aluminum was traded at RMB 15,930-15,970/mt in Shanghai, at discounts or premiums within RMB 20/mt over the current-month SHFE aluminum contract. The light metal was sold at RMB 15,930-15,960/mt in Wuxi and RMB 15,940-15,970/mt in Hangzhou. Spot aluminum prices dropped after SHFE aluminum gapped lower. While goods holders have liquidation needs quoted at discounts the last trading day in May, those with abundant cash quoted at premiums. Buying interest was weak even at discounts, however, leading to extremely light trading.
Spot aluminum was traded at RMB 15,930-15,970/mt in Shanghai, at discounts or premiums within RMB 20/mt over the current-month SHFE aluminum contract. The light metal was sold at RMB 15,930-15,960/mt in Wuxi and RMB 15,940-15,970/mt in Hangzhou. Spot aluminum prices dropped after SHFE aluminum gapped lower. While goods holders have liquidation needs quoted at discounts the last trading day in May, those with abundant cash quoted at premiums. Buying interest was weak even at discounts, however, leading to extremely light trading.
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