South China Aluminum: Inventories Up, Prices Test Support at RMB 15,000/Mt-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Production data
  • Market commentary
  • Macroeconomics
  • Morning comments
  • Futures movement
  • NPI
  • Copper
  • Aluminium
  • Nickel
  • Nickel ore
  • In the United States
  • trade negotiations
  • nickel laterite

South China Aluminum: Inventories Up, Prices Test Support at RMB 15,000/Mt

SMM Insight 02:37:42PM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – SHFE 1303 aluminum contract prices dropped, turning investors more bearish towards spot aluminum prices. Most aluminum processors in south China have closed early for Chinese New Year, eroding demand and causing inventories to grow. Traded prices of spot aluminum fell to test support at RMB 15,000/mt, with mainstream traded prices at RMB 15,010-15,030/mt. Only middlemen were slightly interested in dip-buying, leaving overall trading muted.
 

South China Aluminum: Inventories Up, Prices Test Support at RMB 15,000/Mt

SMM Insight 02:37:42PM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – SHFE 1303 aluminum contract prices dropped, turning investors more bearish towards spot aluminum prices. Most aluminum processors in south China have closed early for Chinese New Year, eroding demand and causing inventories to grow. Traded prices of spot aluminum fell to test support at RMB 15,000/mt, with mainstream traded prices at RMB 15,010-15,030/mt. Only middlemen were slightly interested in dip-buying, leaving overall trading muted.