East China Aluminum: Prices Up on Rumor that SRB Will Buy Aluminum Ingot Again-Shanghai Metals Market

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East China Aluminum: Prices Up on Rumor that SRB Will Buy Aluminum Ingot Again

SMM Insight 01:19:06PM Nov 19, 2012 Source:SMM

SHANGHAI, Nov. 19 (SMM) – Spot aluminum was mainly traded between RMB 15,180-15,200/mt in Shanghai on Monday, with discounts between RMB 100-80/mt. Low-iron aluminum was traded between RMB 15,240-15,280/mt. Despite the decline of SHFE 1301 aluminum contract prices, most cargo holders held back goods on rumor that the State Reserve Bureau (SRB) will soon conduct another round of aluminum ingot purchase, helping spot aluminum prices buck the trend by rising among base metals. Downstream producers refrained from buying at highs and generally stood on the sidelines at the beginning of the week. Only middlemen went bargain-hunting, capping aluminum prices under RMB 15,200/mt. Overall trading was light. 
 

East China Aluminum: Prices Up on Rumor that SRB Will Buy Aluminum Ingot Again

SMM Insight 01:19:06PM Nov 19, 2012 Source:SMM

SHANGHAI, Nov. 19 (SMM) – Spot aluminum was mainly traded between RMB 15,180-15,200/mt in Shanghai on Monday, with discounts between RMB 100-80/mt. Low-iron aluminum was traded between RMB 15,240-15,280/mt. Despite the decline of SHFE 1301 aluminum contract prices, most cargo holders held back goods on rumor that the State Reserve Bureau (SRB) will soon conduct another round of aluminum ingot purchase, helping spot aluminum prices buck the trend by rising among base metals. Downstream producers refrained from buying at highs and generally stood on the sidelines at the beginning of the week. Only middlemen went bargain-hunting, capping aluminum prices under RMB 15,200/mt. Overall trading was light.