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South China Aluminum: Premiums Narrowing with Sluggish Consumption
Aug 8,2011 14:10CST
smm insight
Source:SMM
SHANGHAI, Aug. 8 (SMM) – As investors turned panic following a downgrade of US debt rating, SHFE aluminum prices opened much lower at RMB 17,000/mt

SHANGHAI, Aug. 8 (SMM) – As investors turned panic following a downgrade of US debt rating, SHFE aluminum prices opened much lower below RMB 17,000/mt on August 8th. Though SHFE aluminum prices rebounded in the morning, short resistance remained strong. Spot aluminum prices in south China plunged by RMB 310/mt as a result of weak consumption. Mainstream trading prices in the area were between RMB 17,850-17,880/mt, with premiums over Shanghai spot prices quickly narrowing. Cautious sentiment was strong in the market, and transactions were rarely reported.


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