Osaka Mercantile Exchange Aluminium FuturesWeekly Report

This week, OME aluminium futures continued to remain in the narrow range with thin volume in the absence of fresh factors. Distant month : opening 162.8 yen, a high 167.7 yen (Oct. 7), a low 162.5 yen (Oct. 4), closing 165.3 yen At the beginning of the week, distant month in OME aluminium futures opened lower at 162.80 yen on long-liquidation due to the yen's strength compared with last weekend's close in the foreign exchange market. Later, the prices rallied on short-covering in line with the firmer tone in LME. Players buying interest, however, was not strong enough to make the prices advance further in the absence of fresh bullish incentives. Although aluminium prices are expected to rise in the near future reflecting the good supply and demand situation around the world, OME prices moved narrowly with the low volume due to a lack of fresh factors. If the lackluster trade continues, the prices may decline on active selling by distressed longs, traders said. This week's total volume of trading was 24,898 lots.