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SMM Aluminum Market Daily Review (2013-5-30)
SHANGHAI, May 31 (SMM) – SHFE 1308 aluminum contract started slightly higher at RMB 14,660/mt on Thursday. SHFE three-month aluminum contract rose to challenge RMB 14,700/mt as shorts closed positions. Finally, the most active SHFE aluminum contract gained RMB 55/m or 0.38% to end at RMB 14,690/mt. Positions shrank 2,258 lots to 56,066 lots. SHFE aluminum for August delivery should hold stable at RMB 14,650/mt for the near term.
Spot aluminum was traded at RMB 14,650-14,680/mt in Shanghai on Thursday, a discount of RMB 20-50/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,810/mt. Despite the cut in global economic growth forecast, falling spot aluminum inventories helped SHFE 1308 aluminum contract prices extend gains. Downstream producers expressed little buying interest as month-end liquidity crunch bit in, but cargo holders still held offers firm, pushing spot aluminum prices to above RMB 14,650/mt. Spot aluminum is expected to challenge RMB 14,700/mt due to limited goods available in the market. In the afternoon, wait-and-see sentiment dominated the market, with sparse quotations reported at RMB 14,660/mt.