East China Aluminum: Production Cuts Lead to Lower Selling Interest and Give Support to Prices

SMM Insight 01:25:33PM Apr 09, 2012 Source:SMM

SHANGHAI, Apr. 9 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16000-16030/mt on Monday, with discounts of RMB 20/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,100-16,120/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,020-16,040/mt. Although, the increase in SHFE aluminum prices was limited by inflation pressure, in domestic spot aluminum market, selling interest did not improve due to the production cuts in some enterprises. Spot prices were firm at RMB 16,000/mt, leaving only a few bargain-hunting downstream. However, some dealers with bullish outlook were willing to replenish at lower prices. As SHFE aluminum prices rallied slightly, spot prices edged up, so trading was limited in general.

East China Aluminum: Production Cuts Lead to Lower Selling Interest and Give Support to Prices

SMM Insight 01:25:33PM Apr 09, 2012 Source:SMM

SHANGHAI, Apr. 9 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16000-16030/mt on Monday, with discounts of RMB 20/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,100-16,120/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,020-16,040/mt. Although, the increase in SHFE aluminum prices was limited by inflation pressure, in domestic spot aluminum market, selling interest did not improve due to the production cuts in some enterprises. Spot prices were firm at RMB 16,000/mt, leaving only a few bargain-hunting downstream. However, some dealers with bullish outlook were willing to replenish at lower prices. As SHFE aluminum prices rallied slightly, spot prices edged up, so trading was limited in general.