East China Aluminum: Spot Market Turns Quieter, Futures under Downward Pressure-Shanghai Metals Market

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East China Aluminum: Spot Market Turns Quieter, Futures under Downward Pressure

SMM Insight 01:46:23PM May 30, 2012 Source:SMM

SHANGHAI, May 30 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,950-15,980/mt on Wednesday, with discounts of RMB 0-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,030-16,070/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,960-15,990/mt and traded prices in Hangzhou were between RMB 15,970-15,990/mt. SHFE aluminum prices showed a downward trend with resistance at RMB 16,000/mt, raising bearish mood in the market. Cargo holders lowered prices for sales, but purchases were few at the end of the month. Transactions are expected to be further depressed tomorrow on the last day in May.

Key Words:  East China   aluminum price 

East China Aluminum: Spot Market Turns Quieter, Futures under Downward Pressure

SMM Insight 01:46:23PM May 30, 2012 Source:SMM

SHANGHAI, May 30 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,950-15,980/mt on Wednesday, with discounts of RMB 0-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,030-16,070/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,960-15,990/mt and traded prices in Hangzhou were between RMB 15,970-15,990/mt. SHFE aluminum prices showed a downward trend with resistance at RMB 16,000/mt, raising bearish mood in the market. Cargo holders lowered prices for sales, but purchases were few at the end of the month. Transactions are expected to be further depressed tomorrow on the last day in May.

Key Words:  East China   aluminum price