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South China Aluminum: Supply Excessive, Transactions Limited on Capital Pressure
Aug 29,2011 15:17CST
smm insight
Source:SMM
Spot aluminum prices in south China fell slightly to RMB 17,910-17,950/mt due to weak consumption at the month’s end. Overall market transactions were limited.

SHANGHAI, Aug. 29 (SMM) – While most active SHFE aluminum contract prices narrowly fluctuated near RMB 17,365/mt, spot aluminum prices in south China fell slightly to RMB 17,910-17,950/mt due to weak consumption at the month’s end. Resistance was turning stronger at RMB 18,000/mt, keeping most active SHFE aluminum contract away in the short term. Though cargo holders actively touted their goods, downstream buying interest was low due to capital pressure. As a result, excessive supply appeared, gradually dragging down mainstream trading prices. Overall market transactions were limited.

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