02 JULY 2012Shanghai Metals Market
SHFE aluminum contract settled up RMB 355/mt at RMB 15,360/mt: SMM Daily Review
Edited by : AL CIRCLE
1 min read
The most active SHFE aluminum contract for October delivery started higher at RMB 15,160/mt and settled up RMB 355/mt or 2.37% at RMB 15,360/mt, after finding its high at RMB 15,390/mt. Positions dropped 3,494 lots to 123,850 lots. SMM expects the contract to struggle at RMB 15,200/mt for the near term lacking real support.
Spot aluminum was traded at RMB 15,400-15,430/mt in Shanghai, with low-iron aluminum trading at RMB 15,500-15,520/mt. The current-month contract surged some RMB 200/mt to above RMB 15,400/mt. Selling interest was strong but buying weak due to tight cash flows as well as poor demand, expanding spot discounts to RMB 30/mt and leaving trading light. The wait-and-see sentiment dominated the afternoon session as selling interest weakened amid rapidly climbing SHFE aluminum prices. Most deals were done at RMB 15,450/mt in the afternoon.
Spot aluminum was traded at RMB 15,400-15,430/mt in Shanghai, with low-iron aluminum trading at RMB 15,500-15,520/mt. The current-month contract surged some RMB 200/mt to above RMB 15,400/mt. Selling interest was strong but buying weak due to tight cash flows as well as poor demand, expanding spot discounts to RMB 30/mt and leaving trading light. The wait-and-see sentiment dominated the afternoon session as selling interest weakened amid rapidly climbing SHFE aluminum prices. Most deals were done at RMB 15,450/mt in the afternoon.
Previous article
LME aluminum settled at USD 1,843/mt: SMM Morning Review
Next articleMCX Aluminium settled at Rs 104.6 per kg on 27th June
Grow with
AL Circle
