East China Aluminum: Bearishness Strong, Selling Interest High-Shanghai Metals Market

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East China Aluminum: Bearishness Strong, Selling Interest High

SMM Insight 02:00:56PM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – Spot aluminum was mainly traded at RMB 14,940-14,960/mt in Shanghai on Wednesday, with discounts at RMB 110-130/mt. Low-iron aluminum was traded at RMB 15,040-15,050/mt. SHFE 1303 aluminum contract prices were weak, failing to follow LME aluminum up. Bearish sentiment continued to dominate the spot aluminum market. Although a few traders took a wait-and-see stance, most were eager to move goods to generate cash as the month comes to an end. Downstream producers and middlemen showed limited buying interest, forcing sellers to lower offers to RMB 14,940/mt. Overall trading was light.
 

East China Aluminum: Bearishness Strong, Selling Interest High

SMM Insight 02:00:56PM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – Spot aluminum was mainly traded at RMB 14,940-14,960/mt in Shanghai on Wednesday, with discounts at RMB 110-130/mt. Low-iron aluminum was traded at RMB 15,040-15,050/mt. SHFE 1303 aluminum contract prices were weak, failing to follow LME aluminum up. Bearish sentiment continued to dominate the spot aluminum market. Although a few traders took a wait-and-see stance, most were eager to move goods to generate cash as the month comes to an end. Downstream producers and middlemen showed limited buying interest, forcing sellers to lower offers to RMB 14,940/mt. Overall trading was light.