South China Aluminum: Consumption Remains Sluggish Despite Lower Prices

SMM Insight 03:18:44PM Feb 01, 2012 Source:SMM

SHANGHAI, Feb. 1 (SMM) – SHFE 1204 aluminum contract prices opened slightly down at RMB 16,245/mt on Wednesday, and then rose briefly to RMB 16,290/mt influenced by the above-expected China’s January PMI. However, prices kept fluctuating weakly later in the day. The remaining high domestic inventories and slow resumption of downstream production limited cash inflow to the market. Spot aluminum ingot prices in Nanhai were between RMB 15,940-15,960/mt, down RMB 50/mt from the previous trading day. Trading market did not improve in general. Traders’ selling interest was depressed by falling aluminum prices, while the delayed production resumption further exacerbated the gloomy market. Some traders were expecting better transactions next week.
 

Key Words:  aluminum prices   South China 

South China Aluminum: Consumption Remains Sluggish Despite Lower Prices

SMM Insight 03:18:44PM Feb 01, 2012 Source:SMM

SHANGHAI, Feb. 1 (SMM) – SHFE 1204 aluminum contract prices opened slightly down at RMB 16,245/mt on Wednesday, and then rose briefly to RMB 16,290/mt influenced by the above-expected China’s January PMI. However, prices kept fluctuating weakly later in the day. The remaining high domestic inventories and slow resumption of downstream production limited cash inflow to the market. Spot aluminum ingot prices in Nanhai were between RMB 15,940-15,960/mt, down RMB 50/mt from the previous trading day. Trading market did not improve in general. Traders’ selling interest was depressed by falling aluminum prices, while the delayed production resumption further exacerbated the gloomy market. Some traders were expecting better transactions next week.
 

Key Words:  aluminum prices   South China