Metals News
East China Aluminum: Prices Surge on Expectations for Pre-Holiday Restocking
smm insight
Jun 3,2013

SHANGHAI, Jun. 3 (SMM) – Spot aluminum was traded at RMB 14,780-14,800/mt in Shanghai on Monday, a discount of RMB 20-40/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,930/mt. Traders believe aluminum prices will rise this week as downstream producers build up stocks ahead of the upcoming Chinese Dragon Boat Festival. SHFE 1308 aluminum contract prices stabilized at RMB 14,800/mt, sending spot aluminum up to near 14,800/mt as well. Downstream producers held to the sidelines at the beginning of the week, while middlemen were active purchasing, allowing traders to hold offers firm. Low-priced goods were quickly sold out, but buying interest waned at higher prices.   

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