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SMM Daily Review – 2012/1/17 Base Metals Market

posted Jan 17, 2012, 10:17 PM by BENKAI Co
Jan 18, 2012 10:41 Source: SMM

Aluminum:     
The most active SHFE three-month aluminum contract opened higher at RMB 16,235/mt and gained RMB 195/mt or 1.21% closing at RMB 16,370/mt on Tuesday, as Chinese economic data boosted market confidence and induced a 4.18% surge in the Shanghai Composite Index. Total transactions rose 8,958 lots to 20,862 lots and total positions climbed 2,262 lots to 58,036 lots after longs entered the market.

Spot aluminum trading did not improve much during the day in Shanghai as nearing of the Chinese New Year limited trading interest. Spot aluminum traded between RMB 16,040-16,100/mt in the morning, with discounts over the SHFE current-month aluminum price expanding to RMB 90-150/mt. Traded prices of the metal in the afternoon were between RMB 16,050-16,080/mt.

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