East China Aluminum: Prices Mired, Downstream Restocking Modest-Shanghai Metals Market

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East China Aluminum: Prices Mired, Downstream Restocking Modest

SMM Insight 01:06:09PM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – Spot aluminum was traded at RMB 14,400-14,420/mt in Shanghai on Wednesday, a discount of RMB 90-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. Despite a strong rally in copper prices, SHFE 1306 aluminum contract had little upward momentum. Modest downstream restocking ahead of the Chinese May Day holiday helped spot aluminum hover at RMB 14,410/mt. Traders were impatient to sell, increasing oversupply pressure. Trading was muted at higher prices.
 

East China Aluminum: Prices Mired, Downstream Restocking Modest

SMM Insight 01:06:09PM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – Spot aluminum was traded at RMB 14,400-14,420/mt in Shanghai on Wednesday, a discount of RMB 90-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. Despite a strong rally in copper prices, SHFE 1306 aluminum contract had little upward momentum. Modest downstream restocking ahead of the Chinese May Day holiday helped spot aluminum hover at RMB 14,410/mt. Traders were impatient to sell, increasing oversupply pressure. Trading was muted at higher prices.