SHANGHAI, Jan. 8 (SMM) – Spot discounts of base metals narrowed due to tightening cash flows after the New Year’s Day holiday. SMM quotes for #1 copper discounts were RMB 60-150/mt, A00 aluminum ingot were RMB 10-50/mt, and #0 zinc were RMB 300-320/mt.
Besides, rare earth prices also changed recently. According to SMM quotes, prices for praseodymium-neodymium alloy were up RMB 5,000/mt, to RMB 390,000-395,000/mt, a rise of 1.3%. Some rare earth downstream producers purchased modestly leading up to the Chinese New Year holiday, and cargo holders are optimistic towards the market after the holiday. SMM took a cautious attitude.
SMM released 10 articles to review the base metal industry in 2012.
Preview on January 9: Reserves Purchase by SRB Boosts the Market
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