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SMM Daily Review - 2012/4/17 Aluminum Market

posted Apr 18, 2012, 2:10 AM by BENKAI Co

Apr 18, 2012 08:56 Source: SMM

SHANGHAI, Apr. 18 (SMM) – The most active SHFE aluminum contract for delivery in July opened at RMB 16,075/mt and closed down RMB 20/mt or 0.12% at RMB 16,050/mt on Tuesday, after being dragged back from RMB 16,100/mt by short selling. Positions gained 2,164 lots to 63,472 lots while transactions contracted noticeably to 8,000 lots. Though the bearish market sentiment has been preventing a rebound, the downward space is limited by production costs.

Spot aluminum traded between RMB 15,950-15,980/mt in Shanghai, at discounts of RMB 20/mt to premiums of RMB 10/mt over the current-month SHFE aluminum contract. Traders were open to deals at slight discounts after the current-month contract recovered a little bit on the heel of gapping lower due to a shift in delivery month. Downstream and middlemen only bought cheaper goods and became unwilling to spend money after spot prices climbed to near RMB 16,000/mt.

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