Shanghai Metals Market
Spot aluminum traded between RMB 15,510-15,530/mt in Shanghai on September: SMM Daily Review
Edited by : AL CIRCLE
1 min read
The SHFE 1212 aluminum contract opened lower at RMB 15,725/mt on September 21. The most-traded contract struggled at RMB 15,740/mt in session, resilient to declines but rising slower than other base metals. Trading volumes were merely 76,024 lots due to thin trading activities. Finally, the three-month contract gained RMB 5/mt or 0.03% to close at RMB 15,740/mt. Positions were down 310 lots to 80,920 lots. Most investors took a wait-and-see attitude after exiting market due to sluggish consumption before the National Day holiday. The most active contract is expected to move around RMB 15,700/mt this coming week.
Spot aluminum was mainly traded between RMB 15,510-15,530/mt in Shanghai on September, with discounts between RMB 110-90/mt. Low-iron aluminum was traded near 15,600/mt. The most active aluminum contract was resilient to declines, but lacked upward momentum, curbing upside room of spot aluminum. Cargo holders were eager to move goods when spot discounts were RMB 100/mt, attracting a wave of dip-buying. Trading at RMB 15,510/mt was decent. Trading was up slightly from a day earlier in the morning. In the afternoon, the current-month contract was stable. Sparse quotations were seen at RMB 15,520/mt. Downstream buying interest was extremely low, leaving trading quiet.
Spot aluminum was mainly traded between RMB 15,510-15,530/mt in Shanghai on September, with discounts between RMB 110-90/mt. Low-iron aluminum was traded near 15,600/mt. The most active aluminum contract was resilient to declines, but lacked upward momentum, curbing upside room of spot aluminum. Cargo holders were eager to move goods when spot discounts were RMB 100/mt, attracting a wave of dip-buying. Trading at RMB 15,510/mt was decent. Trading was up slightly from a day earlier in the morning. In the afternoon, the current-month contract was stable. Sparse quotations were seen at RMB 15,520/mt. Downstream buying interest was extremely low, leaving trading quiet.
Previous article
Western Kentucky aluminum smelter to buy power on open market in wake of rate dispute
Next articleSMM Aluminum reports Price Forecast for Sept
Grow with
AL Circle
