South China Aluminum: Prices Slump, Buying Interest Low -Shanghai Metals Market

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South China Aluminum: Prices Slump, Buying Interest Low

SMM Insight 05:33:56PM Jul 23, 2012 Source:SMM

SHANGHAI, Jul. 23 (SMM) – SHFE aluminum met strong resistance at the moving average and plunged July 23. Strong bearish sentiment among spot aluminum markets in South China dragged down spot aluminum prices, with mainstream traded prices at RMB 15,360-15,390/mt. Cargo holders were willing to sell goods but held quotations firm at RMB 15,370/mt. Downstream buying interest was still low despite the plummet in aluminum prices. Overall trading was quiet.

South China Aluminum: Prices Slump, Buying Interest Low

SMM Insight 05:33:56PM Jul 23, 2012 Source:SMM

SHANGHAI, Jul. 23 (SMM) – SHFE aluminum met strong resistance at the moving average and plunged July 23. Strong bearish sentiment among spot aluminum markets in South China dragged down spot aluminum prices, with mainstream traded prices at RMB 15,360-15,390/mt. Cargo holders were willing to sell goods but held quotations firm at RMB 15,370/mt. Downstream buying interest was still low despite the plummet in aluminum prices. Overall trading was quiet.