Osaka Mercantile Exchange Monthly Aluminium Report

On June 1, amid a holiday in LME, distant month opened slightly lower at 165.4 yen on long-liquidation due to the firmer yen. On June 7, distant month rebounded to 170.6 yen on hort-covering following the upturn in the prices. Later, despite the firmer tone in LME following the price-gains in the copper market, the prices struggled to clear the 170 yen level reflecting the yen $B!G (Bs surge as the conomic Planning Agency released that Japanese Gross Domestic Product rose a real 1.9% in January-March quarter. LME aluminium advanced further as players expected that the demand would rise due to igher-than-expected GDP in the first quarter in Japan. The yen slumped in response to the intervention in the currency market by the Bank of Japan. With these factors, on June 15, distant month at OME advanced to the 170 yen level on active short-covering and bulls $B!G (B buying. On June 17, amid unstable currency situation, distant month dropped to 167.4 yen on long-liquidation due to LME three-month aluminium falling to the $1,300 level. On June 21, distant month rallied to 172.0 yen on fresh buying by public investors and commission houses prompted by some bullish factors, such as the weaker yen due to the urther intervention by the Bank of Japan and the firmer tone in LME. Market players anticipated that base metal markets would rise as the copper market was boosted by the announcement that Australia $B!G (Bs Broken Hill Proprietary Company (BHP) would close loss-making facilities in U.S. With this factor, on June 25, ME $B!G (Bs distant month jumped to 176.0 yen on bulls $B!G (B strong buying. The olume of trading rose over the 30,000 lots level, and it was the highest record since the market was launched. On June 31, distant month failed to advance further to 175.3 yen on selling for profit taking as players grew cautious of the price-gains in LME following the steep rise in the prices in the copper market. Throughout the month, amid strong sentiment, the market attracted active buying and selling by public investors, and the volume of trading remained heavy. The volume of trading swelled to 312,166 lots while the total open interest as of June 30 fetched 85,795 lots, both were the highest records since the opening of the market.