South China Aluminum: Prices Up on Falling Inventories, but Spot Trading Down-Shanghai Metals Market

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South China Aluminum: Prices Up on Falling Inventories, but Spot Trading Down

SMM Insight 02:47:48PM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – SHFE 1303 aluminum contract prices met strong resistance at the 5-day moving average on Monday. Limited arrivals during last weekend caused total inventories in south China to fall, helping spot aluminum prices resist declines, with mainstream traded prices at RMB 15,140-15,170/mt, a premium of over RMB 100/mt over Shanghai. Downstream processors purchased as needed, with only middlemen active in buying. Overall trading was down slightly.
 

South China Aluminum: Prices Up on Falling Inventories, but Spot Trading Down

SMM Insight 02:47:48PM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – SHFE 1303 aluminum contract prices met strong resistance at the 5-day moving average on Monday. Limited arrivals during last weekend caused total inventories in south China to fall, helping spot aluminum prices resist declines, with mainstream traded prices at RMB 15,140-15,170/mt, a premium of over RMB 100/mt over Shanghai. Downstream processors purchased as needed, with only middlemen active in buying. Overall trading was down slightly.