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South China Aluminum: Resistance Strong at RMB 18,000 on Weak Consumption
Aug 24,2011 14:33CST
smm insight
Source:SMM
Mainstream trading prices were RMB 17,960-17,980/mt in south China, resistance at RMB 18,000/mt was strong due to weak consumption. Overall market transactions were sluggish.

SHANGHAI, Aug. 24 (SMM) – With most active SHFE aluminum contract prices slightly moving down after opening higher and low buying interest at among downstream consumers, spot aluminum prices partially trimmed gains in south China with mainstream trading prices at RMB 17,960-17,980/mt. Though spot aluminum stock in the area is not likely to increase sharply in the short term, resistance at RMB 18,000/mt was strong due to weak consumption. Overall market transactions were sluggish.

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