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East China Aluminum: Panic Sentiment Fades, Resistance Remains at RMB 14,500/Mt
Mar 19, 2013 13:59Source:SMM
Spot aluminum was mainly traded at RMB 14,470-14,500/mt in Shanghai on Tuesday, a discount of RMB 60-90/mt over SHFE current-month aluminum contract prices.
SHANGHAI, Mar. 19 (SMM) – Spot aluminum was mainly traded at RMB 14,470-14,500/mt in Shanghai on Tuesday, a discount of RMB 60-90/mt over SHFE current-month aluminum contract prices. Low-iron aluminum was trade around RMB 14,650/mt. SHFE 1306 aluminum contract prices stopped falling, easing market panic. Cargo holders held back goods, helping spot discounts narrow. Resistance remained strong at RMB 14,500/mt due to limited buying interest from downstream producers and middlemen. Overall trading was light.
Shanghai spot aluminum prices
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