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East China Aluminum: Spot Trading Up on High Buying Interest at Low Prices

iconAug 17, 2012 13:18
Source:SMM
Spot aluminum was mainly traded between RMB 15,300-15,330/mt in Shanghai on August 17, with discounts between RMB 0-30/mt.

SHANGHAI, Aug. 17 (SMM) – Spot aluminum was mainly traded between RMB 15,300-15,330/mt in Shanghai on August 17, with discounts between RMB 0-30/mt. Low-iron aluminum was traded at near RMB 15,370-15,380/mt. SHFE 1211 aluminum contract fell back after touching high, dragging spot aluminum prices to RMB 15,300/mt. As the current-month contract found strong support at RMB 15,300/mt, some downstream enterprises and middlemen were attracted to replenish inventories at low prices. Low-priced goods in Shanghai were instantly sod out, pushing quotations higher at RMB 15,350/mt, but traded prices were flat with the 1209 contract. With sufficient supply in Wuxi and Hangzhou, some traders, who were eager to move goods for cash, lowered quotations to RMB 15,290/mt, creating an unusually high trading activity.
 

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