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East China Aluminum: Futures Meet Resistance at RMB 16,000/mt, Spot Hits New Low
Nov 21,2011 14:16CST
smm insight
Source:SMM
Traded prices of spot aluminum in Shanghai were between RMB 15,950-15,980/mt on Monday.

SHANGHAI, Nov. 21 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,950-15,980/mt on Monday, with discounts of RMB 0-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,040-16,080/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,930-15,970/mt. SHFE current-month aluminum contract met resistance at RMB 16,000/mt and failed to rally. Bearish sentiment continued to dominate the spot market, dragging down aluminum prices slightly to a new yearly low. Despite goods holding at lower prices among several goods holders, most were clearing their stocks. Transactions were quite limited, however, due to low downstream buying interest.

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