East China Aluminum: Dealers Remain Bearish to Market Outlook-Shanghai Metals Market

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East China Aluminum: Dealers Remain Bearish to Market Outlook

SMM Insight 04:02:25PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) – SHFE 1209 aluminum contract price moved up after opening lower at RMB 15,855/mt Thursday and met resistance at the 5-day moving average. In the afternoon, mainstream prices moved down to RMB 15,870/mt. Spot aluminum ingot prices in Nanhai were at RMB 16,000-16,020/mt, down RMB 20/mt from the previous trading day. Cargo holders were active in selling ahead of delivery, but buying interest downstream did not improve significantly. Dealers were still not optimistic to market outlook.

East China Aluminum: Dealers Remain Bearish to Market Outlook

SMM Insight 04:02:25PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) – SHFE 1209 aluminum contract price moved up after opening lower at RMB 15,855/mt Thursday and met resistance at the 5-day moving average. In the afternoon, mainstream prices moved down to RMB 15,870/mt. Spot aluminum ingot prices in Nanhai were at RMB 16,000-16,020/mt, down RMB 20/mt from the previous trading day. Cargo holders were active in selling ahead of delivery, but buying interest downstream did not improve significantly. Dealers were still not optimistic to market outlook.