SMM Aluminum Market Daily Review (2013-5-24)

SHANGHAI, May 27 (SMM) – SHFE 1308 aluminum contract was stagnant at RMB 14,635/mt after opening at RMB 14,630/mt on May 24. SHFE three-month aluminum contract edged up at the tail of the session before finally closing at RMB 14,650/mt, up RMB 25/mt or 0.17%. Positions shrank 334 lots to 62,962 lots, while trading volumes were less than 3,000 lots. SHFE aluminum for August delivery is expected to struggle at RMB 14,650/mt this week.
 
Spot aluminum was traded at RMB 14,610-14,620/mt in Shanghai last Friday, a discount of RMB 40-50/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,760/mt. SHFE 1308 aluminum contract edged up. Cargo holders hiked offers by RMB 10/mt, while some downstream producers restocked in modest amounts before the weekend and middlemen went bargain-hunting. In the afternoon, the most active SHFE aluminum contract edged up, allowing traders to raise offers from RMB 14,610/mt to RMB 14,630/mt. Downstream producers and middlemen held to the sidelines, leaving transactions subdued.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.