East China Aluminum: High Price Deters Downstream Producers from Buying, Trading Light-Shanghai Metals Market

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East China Aluminum: High Price Deters Downstream Producers from Buying, Trading Light

SMM Insight 02:53:18PM Apr 11, 2013 Source:SMM

 SHANGHAI, Apr. 11 (SMM) – Spot aluminum was traded at RMB 14,580-14,610/mt in Shanghai on Thursday, a discount of RMB 60-90/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was traded around RMB 14,750/mt. SHFE 1306 aluminum contract bucked the trend by rising on news that China will invest RMB 7 trillion in infrastructure and step up application of aluminum, pushing spot aluminum up as well. Nevertheless, little possibility of immediate recovery in consumption curbed gains of spot aluminum, with mainstream traded prices failing to rise to RMB 14,600/mt. Downstream producers took a wait-and-see stance, forcing traders to sell at discount, with thin trading reported.
 

Price

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#1 Refined Cu
Oct.17
46700.0
-215.0
(-0.46%)
Standard-Grade Copper
Oct.17
46690.0
-215.0
(-0.46%)
High-Grade Copper
Oct.17
46705.0
-220.0
(-0.47%)
Guixi copper
Oct.17
46710.0
-220.0
(-0.47%)
Low-quality copper
Oct.17
46655.0
-220.0
(-0.47%)

East China Aluminum: High Price Deters Downstream Producers from Buying, Trading Light

SMM Insight 02:53:18PM Apr 11, 2013 Source:SMM

 SHANGHAI, Apr. 11 (SMM) – Spot aluminum was traded at RMB 14,580-14,610/mt in Shanghai on Thursday, a discount of RMB 60-90/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was traded around RMB 14,750/mt. SHFE 1306 aluminum contract bucked the trend by rising on news that China will invest RMB 7 trillion in infrastructure and step up application of aluminum, pushing spot aluminum up as well. Nevertheless, little possibility of immediate recovery in consumption curbed gains of spot aluminum, with mainstream traded prices failing to rise to RMB 14,600/mt. Downstream producers took a wait-and-see stance, forcing traders to sell at discount, with thin trading reported.