South China Aluminum: Spot Premiums over Shanghai Market Disappear on Supply of Low-Priced Goods -Shanghai Metals Market

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South China Aluminum: Spot Premiums over Shanghai Market Disappear on Supply of Low-Priced Goods

SMM Insight 03:46:56PM Jul 02, 2012 Source:SMM

SHANGHAI, Jun. 28 (SMM) - The most active SHFE aluminum rebounded on Thursday, but upward momentum met resistance in the morning, causing strong bearish sentiment in South China spot aluminum market. Cargo holders were eager to move goods with lower quotations, whereas downstream buyers showed little buying interest, leaving mainstream traded prices between RMB15,400-15,460/mt, flat at prices in the Shanghai market. In the afternoon, SHFE aluminum climbed, but spot aluminum remained unchanged. As a result, wait-and-see sentiment turned stronger among downstream buyers, leaving trading thin/quiet.
 

South China Aluminum: Spot Premiums over Shanghai Market Disappear on Supply of Low-Priced Goods

SMM Insight 03:46:56PM Jul 02, 2012 Source:SMM

SHANGHAI, Jun. 28 (SMM) - The most active SHFE aluminum rebounded on Thursday, but upward momentum met resistance in the morning, causing strong bearish sentiment in South China spot aluminum market. Cargo holders were eager to move goods with lower quotations, whereas downstream buyers showed little buying interest, leaving mainstream traded prices between RMB15,400-15,460/mt, flat at prices in the Shanghai market. In the afternoon, SHFE aluminum climbed, but spot aluminum remained unchanged. As a result, wait-and-see sentiment turned stronger among downstream buyers, leaving trading thin/quiet.