East China Aluminum: Traders Rush to Sell Out of Growing Pessimism-Shanghai Metals Market

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East China Aluminum: Traders Rush to Sell Out of Growing Pessimism

SMM Insight 01:38:27PM Apr 15, 2013 Source:SMM

SHANGHAI, Apr. 15 (SMM) – Spot aluminum was traded at RMB 14,460-14,480/mt in Shanghai on Monday, a discount of RMB 40-70/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was traded around RMB 14,650/mt. SHFE 1306 aluminum contract tumbled, hurting sentiment. Traders rushed to sell out of growing bearishness, but downstream producers and middlemen held to the sidelines, sending mainstream traded prices below RMB 14,500/mt. Prices for some brand deliverable aluminum ingot were stagnant at this mark. Overall trading was subdued.
 

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#1 Refined Cu
Oct.16
46915.0
-70.0
(-0.15%)
Standard-Grade Copper
Oct.16
46905.0
-75.0
(-0.16%)
High-Grade Copper
Oct.16
46925.0
-65.0
(-0.14%)
Guixi copper
Oct.16
46930.0
-65.0
(-0.14%)
Low-quality copper
Oct.16
46875.0
-60.0
(-0.13%)

East China Aluminum: Traders Rush to Sell Out of Growing Pessimism

SMM Insight 01:38:27PM Apr 15, 2013 Source:SMM

SHANGHAI, Apr. 15 (SMM) – Spot aluminum was traded at RMB 14,460-14,480/mt in Shanghai on Monday, a discount of RMB 40-70/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was traded around RMB 14,650/mt. SHFE 1306 aluminum contract tumbled, hurting sentiment. Traders rushed to sell out of growing bearishness, but downstream producers and middlemen held to the sidelines, sending mainstream traded prices below RMB 14,500/mt. Prices for some brand deliverable aluminum ingot were stagnant at this mark. Overall trading was subdued.