East China Aluminum: Selling Interest High, But Consumption Sluggish-Shanghai Metals Market

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East China Aluminum: Selling Interest High, But Consumption Sluggish

SMM Insight 02:03:53PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – Spot aluminum was mainly traded at RMB 14,910-14,920/mt in Shanghai on Monday, with discounts at RMB 80-100/mt. Low-iron aluminum was traded around RMB 15,000/mt. Prices of the most active SHFE aluminum contracts drifted lower after a low opening, regardless of other surging base metal prices. Cargo holders were anxious to sell against growing inventories, but inquires were rarely heard since most downstream producers and middlemen are on Chinese New Year holiday early, stalling any uptick in spot aluminum prices. Overall trading was muted.
 

East China Aluminum: Selling Interest High, But Consumption Sluggish

SMM Insight 02:03:53PM Feb 04, 2013 Source:SMM

SHANGHAI, Feb. 4 (SMM) – Spot aluminum was mainly traded at RMB 14,910-14,920/mt in Shanghai on Monday, with discounts at RMB 80-100/mt. Low-iron aluminum was traded around RMB 15,000/mt. Prices of the most active SHFE aluminum contracts drifted lower after a low opening, regardless of other surging base metal prices. Cargo holders were anxious to sell against growing inventories, but inquires were rarely heard since most downstream producers and middlemen are on Chinese New Year holiday early, stalling any uptick in spot aluminum prices. Overall trading was muted.