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Aluminum-SHMET Spot Market Briefing20150831

Date 8/31/2015 2:10:44 PM Source: shmet
Aug.31,2015(SHMET)--

Shanghai spot aluminum was quoted at 11750-11810 rmbs per ton, down 20 with a contango of 95-35 rmbs per ton. The quotations in Wuxi were at 11790-11810 rmbs per ton. A second day surge of the Chinese’s stock market helped the metals to finish the end of the week on a high. The Shanghai composite index closed at 3232.349 up 4.82%. Aluminum ranged from 1616.5-1560 dolalrs. Nearby spreads remained tight with cash/3 narrowing to 12/15c dollars Oct/Nov moving out to 12.75-13b dollars. LME was closed on Monday due to a public holiday in the UK. SHFE aluminum went slightly lower this morning. In domestic physical market, a lot of dealers hold goods and await higher prices which lead to a decline in sales. The traders purchasing was also restrained by the firm quotations. On the other hand, downstream consumption was still poor. Therefore, we were not surprised when learning that overall trading was modest this morning.

Edited by SHMET