East China Aluminum: Spot Trading Light, Prices Under Pressure -Shanghai Metals Market

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East China Aluminum: Spot Trading Light, Prices Under Pressure

SMM Insight 01:14:00PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – Spot aluminum was mainly traded at RMB 15,440-15,470/mt in Shanghai on July 30, with discounts at RMB 30-60/mt and low-iron aluminum traded at RMB 15,520-15,540/mt. SHFE aluminum retreated below RMB 15,500/mt during the spot aluminum trading session, dampening market confidence. Coupled with the small amount of low-priced imported aluminum in spot aluminum markets, many cargo holders were eager to move goods for cash as the month ends, resulting in a lack of upward momentum for prices. Quotations for only some of the deliverable aluminum ingots were firm. The wait-and-see sentiment was strong among downstream enterprises, dragging down trading prices. Overall trading was light.
 

East China Aluminum: Spot Trading Light, Prices Under Pressure

SMM Insight 01:14:00PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – Spot aluminum was mainly traded at RMB 15,440-15,470/mt in Shanghai on July 30, with discounts at RMB 30-60/mt and low-iron aluminum traded at RMB 15,520-15,540/mt. SHFE aluminum retreated below RMB 15,500/mt during the spot aluminum trading session, dampening market confidence. Coupled with the small amount of low-priced imported aluminum in spot aluminum markets, many cargo holders were eager to move goods for cash as the month ends, resulting in a lack of upward momentum for prices. Quotations for only some of the deliverable aluminum ingots were firm. The wait-and-see sentiment was strong among downstream enterprises, dragging down trading prices. Overall trading was light.