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Osaka Mercantile Exchange Aluminium Futures Weekly Report

Date 10/08/2000

On July 31, OME Aluminium futures opened little changed as buyers kept to the sidelines in the absence of market-moving factors with distant July contract at 168.6 yen, up 0.2 yen from the last Friday's close.

For the most of the week, players were unable to grasp the direction of OME market and the prices were range-bound as both the currency and LME three-month aluminium markets remained in a narrow range.

At the end of the week, on August 4, OME prices went slightly easier on long-liquidation with distant contract closing at 166.4 yen in response to LME three-month aluminium falling below the $1,560 level, down $25 from the previous day.

"It seems the 170 yen level has stayed as the upper-end for the distant contract of OME aluminium for the past 2 weeks. Unless new encouraging incentives appear in OME aluminium market, the market will probably remain little changed amid LME three-month aluminium failing to break the $1,600/tonne level for the past 3 weeks," a trader said.

This week's volume of trading totaled 22,946 lots. The open interest totaled 61,667 lots as of August 4.