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SMM Daily Review - 2012/3/29 Base Metals Market

posted Mar 29, 2012, 11:18 PM by BENKAI Co

Aluminum
As Asian equity markets continued to shed losses, still led by the Shanghai Composite Index, the most active SHFE aluminum contract for June delivery closed down RMB 45/mt or 0.28% at RMB 16,170/mt on Thursday. Transacted contracts dropped 3,074 lots to 9,632 lots as investors move to the sidelines with flat Chinese and US economic data, weak domestic demand and the coming Qingming Festival.

Spot aluminum traded between RMB 15,970-16,000/mt in Shanghai, at discounts of RMB 0-40/mt over the SHFE current-month aluminum price. The current-month contract stayed near RMB 16,000/mt despite heading down of other contracts. Some SHFE-approved aluminum ingots were traded at the current-month futures price as their holders stick to the RMB 16,000/mt mark. Trading stayed quite light, though, ahead of the Qingming Festival.

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