East China Aluminum: Spot Prices Meet Growing Resistance at RMB 14,800/Mt on Oversupply

Feb 18, 2013 13:09

Spot aluminum was mainly traded at RMB 14,770-14,800/mt in Shanghai on Monday, with discounts at RMB 50-80/mt.

SHANGHAI, Feb. 18 (SMM) – Spot aluminum was mainly traded at RMB 14,770-14,800/mt in Shanghai on Monday, with discounts at RMB 50-80/mt. Low-iron aluminum was traded around RMB 14,900/mt. SHFE 1305 aluminum contract prices failed to follow LME aluminum up on the first trading day after the holiday. Post-holiday spot aluminum inventories surged over 150,000 mt, but downstream producers have not yet resumed production on a large scale, weighing on spot aluminum prices. Spot discounts failed to narrow even on the last trading day of the SHFE current-month aluminum contracts due to sluggish consumption. Spot aluminum prices met strong resistance at RMB 14,800/m, rekindling bearish sentiment.

Shanghai

spot aluminum prices

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East China Aluminum: Spot Prices Meet Growing Resistance at RMB 14,800/Mt on Oversupply

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