East China Aluminum: Ratio Cut Fails to Boost Confidence, Weak Consumption Limits Increase

SMM Insight 01:40:00PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,860-15,900/mt on Monday, with discounts of RMB 100-130/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 15,830-15,860/mt. The reserve ratio cut by the central bank failed to shore up market confidence. The SHFE current-month aluminum price fell after rising and moved around the RMB 16,000/mt mark, combined with soft downstream consumption, short selling sentiment dominated markets, with spot discounts over the SHFE current-month aluminum price maintained above RMB 100/mt. Limited transactions were done over sufficient supply, and only some middlemen were actively buying at lower prices.

Key Words:  East China   aluminum price 

East China Aluminum: Ratio Cut Fails to Boost Confidence, Weak Consumption Limits Increase

SMM Insight 01:40:00PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,860-15,900/mt on Monday, with discounts of RMB 100-130/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 15,830-15,860/mt. The reserve ratio cut by the central bank failed to shore up market confidence. The SHFE current-month aluminum price fell after rising and moved around the RMB 16,000/mt mark, combined with soft downstream consumption, short selling sentiment dominated markets, with spot discounts over the SHFE current-month aluminum price maintained above RMB 100/mt. Limited transactions were done over sufficient supply, and only some middlemen were actively buying at lower prices.

Key Words:  East China   aluminum price