SMM Aluminum Market Daily Review (2013-5-10)

SHANGHAI, May 13 (SMM) – SHFE 1308 aluminum contract opened at RMB 14,640/mt last Friday. The most active aluminum contract was mired in the morning session, but followed LME aluminum up in the afternoon, though failed to break through RMB 14,700/mt. Finally, SHFE three-month aluminum contract ended the day up RMB 25/mt or 0.17% at RMB 14,670/mt. Positions increased 1,616 lots to 59,660 lots. Mixed economic data have kept investors cautious. SHFE aluminum for August delivery should hold stable at RMB 14,600/mt this week. Latest SHFE aluminum inventories decreased 3,260 mt to 464,411 mt.
 
Spot aluminum was traded at RMB 14,520-14,540/mt in Shanghai, a discount of RMB 0-20/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,680/mt. SHFE 1308 aluminum contract has been stagnant for the past week. Cargo holders were more willing to sell now that spot discounts have narrowed. Downstream producers restocked modestly before the weekend, while middlemen exhibited little interest due to unclear market outlook. In the afternoon, the most active SHFE aluminum contract edged up, boosting market sentiment. Cargo holders seldom moved goods, holding offers at RMB 14,530/mt, but transactions were subdued. 

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