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East China Aluminum: Active Goods Movements Erode Upward Momentum of Spot Prices
Oct 11,2011 14:26CST
smm insight
Source:SMM
Traded prices of spot aluminum in Shanghai were between RMB 17,040-17,080/mt on October 11th, with premiums of RMB 50-80/mt over the SHFE current-month aluminum price.

SHANGHAI, Oct. 11 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,040-17,080/mt on October 11th, with premiums of RMB 50-80/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,100-17,140/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,020-17,080/mt. SHFE aluminum prices gapped higher today after Central Huijin Investment Ltd., a unit of China’s sovereign wealth fund, injected RMB 197 million into Chinese stock markets. The metal’s gains were limited, however, as spot goods holders were actively selling goods with premiums narrowing due to the change in the current-month contract ahead. Market supplies turned sufficient as a result. However, downstream buyers only purchased as needed, even after the spot price dropped to near RMB 17,000/mt. Only high quality aluminum ingot prices held firm during the day. Market transactions were moderate.

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