East China Aluminum: Inventories High, Spot Discounts Remain-Shanghai Metals Market

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East China Aluminum: Inventories High, Spot Discounts Remain

SMM Insight 01:56:50PM Aug 02, 2012 Source:SMM

SHANGHAI, Aug. 2 (SMM) – Spot aluminum was mainly traded at RMB 15,370-15,390/mt in Shanghai on August 2, with discounts at RMB 30-50/mt and low-iron aluminum traded at RMB 15,420-15,450/mt. The current-month SHFE aluminum contract dropped by RMB 50/mt on weak manufacturing PMI. Cargo holders were eager to move goods due to high inventories. Buying activity was active at lower prices, causing trading to improve from the previous trading day. Spot discounts remained.
 

East China Aluminum: Inventories High, Spot Discounts Remain

SMM Insight 01:56:50PM Aug 02, 2012 Source:SMM

SHANGHAI, Aug. 2 (SMM) – Spot aluminum was mainly traded at RMB 15,370-15,390/mt in Shanghai on August 2, with discounts at RMB 30-50/mt and low-iron aluminum traded at RMB 15,420-15,450/mt. The current-month SHFE aluminum contract dropped by RMB 50/mt on weak manufacturing PMI. Cargo holders were eager to move goods due to high inventories. Buying activity was active at lower prices, causing trading to improve from the previous trading day. Spot discounts remained.