East China Aluminum: Consumption Remains Weak with Spot Discounts Still Existing

SMM Insight 01:44:08PM Feb 15, 2012 Source:SMM

SHANGHAI, Feb. 15 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,870-15,900/mt on Wednesday, with discounts of RMB 20-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,970-16,000/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,830-15,870/mt. With only one day ahead of the delivery of the SHFE current-month aluminum contract, spot aluminum prices fell slightly with resistance at the 5-day moving average. Spot discounts over the SHFE current-month aluminum price did not narrow due to the weak consumption. Goods holders were actively selling goods in case the discounts will expand after delivery. But deals were still limited.

Key Words:  East China   aluminum price 

East China Aluminum: Consumption Remains Weak with Spot Discounts Still Existing

SMM Insight 01:44:08PM Feb 15, 2012 Source:SMM

SHANGHAI, Feb. 15 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,870-15,900/mt on Wednesday, with discounts of RMB 20-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,970-16,000/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,830-15,870/mt. With only one day ahead of the delivery of the SHFE current-month aluminum contract, spot aluminum prices fell slightly with resistance at the 5-day moving average. Spot discounts over the SHFE current-month aluminum price did not narrow due to the weak consumption. Goods holders were actively selling goods in case the discounts will expand after delivery. But deals were still limited.

Key Words:  East China   aluminum price