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SMM Daily Review - 2011/7/19 Aluminum Market
Edited by : AL CIRCLE
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On Tuesday, SHFE 1110 aluminum contracts became the most actively traded, with prices opening at RMB 17,680/mt in the morning session, touching RMB 17,725/mt and then falling to struggle at RMB 17,650/mt. At the end of trading SHFE 1110 aluminum contract prices closed at RMB 17,665/mt, up RMB 85/mt, or up 0.48%. Total positions increased by 8,362 lots to 107,620 lots.
Mainstream traded prices of spot aluminum were between RMB 17,750-17,780/mt, with premiums of positive RMB 60-80/mt against SHFE spot-month aluminum contract prices. Cargo holders were unwilling to move goods in the morning due to rising prices, while traders were cautious as spot zinc prices rose to RMB 17,800/mt, keeping the overall transactions quiet. SHFE spot-month aluminum contract prices consolidated RMB 17,700/mt in the afternoon, with spot prices stabilizing between RMB 17,770-17,780/mt. Some traders replenished stocks modestly given rising prices, but with transactions quiet due to tight supply.
Mainstream traded prices of spot aluminum were between RMB 17,750-17,780/mt, with premiums of positive RMB 60-80/mt against SHFE spot-month aluminum contract prices. Cargo holders were unwilling to move goods in the morning due to rising prices, while traders were cautious as spot zinc prices rose to RMB 17,800/mt, keeping the overall transactions quiet. SHFE spot-month aluminum contract prices consolidated RMB 17,700/mt in the afternoon, with spot prices stabilizing between RMB 17,770-17,780/mt. Some traders replenished stocks modestly given rising prices, but with transactions quiet due to tight supply.
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