South China Aluminum: Buying Interest Low, Price under Resistance-Shanghai Metals Market

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South China Aluminum: Buying Interest Low, Price under Resistance

SMM Insight 04:52:32PM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) - SHFE aluminum hovered at RMB 15,500/t after opening lower on July 11, and spot aluminum market in South China remained depressed. Despite high selling interest, mainstream traded prices were dragged to RMB 15,460-15,490/mt as buying interest was low. Spot prices met strong resistance at RMB 15,500/mt, with discounts over aluminum prices in Shanghai staying above RMB 50/mt. In the afternoon, trading turned thinner with downstream enterprises completing purchasing as needed.

Key Words:  aluminum price   spot aluminum 

South China Aluminum: Buying Interest Low, Price under Resistance

SMM Insight 04:52:32PM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) - SHFE aluminum hovered at RMB 15,500/t after opening lower on July 11, and spot aluminum market in South China remained depressed. Despite high selling interest, mainstream traded prices were dragged to RMB 15,460-15,490/mt as buying interest was low. Spot prices met strong resistance at RMB 15,500/mt, with discounts over aluminum prices in Shanghai staying above RMB 50/mt. In the afternoon, trading turned thinner with downstream enterprises completing purchasing as needed.

Key Words:  aluminum price   spot aluminum