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SMM Daily Review – 2012/2/8 Base Metals Market

posted Feb 9, 2012, 1:41 AM by BENKAI Co
Aluminum
The most active SHFE aluminum contract fro delivery in April broke through RMB 16,200/mt and closed up RMB 95/mt or 0.59% on Wednesday, supported by strong performance of the Shanghai stocks prices. Strong resistance was met at the 10-day moving average, however, due to weak demand. SMM expects the contract to continue test support at RMB 16,200/mt in the near term.

Spot aluminum was traded between RMB 15870-15900/mt in Shanghai, at discounts of RMB 60-90/mt over the SHFE current-month aluminum price. Goods holders’ selling interest was low and a few middlemen performed arbitrage trading in the spot and futures market as SHFE aluminum prices stagnated and downstream demand stays weak. Traded volumes remained weak in the morning and were hardly reported in the afternoon.
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