East China Aluminum: Prices Extend Gains, Trading Brisk-Shanghai Metals Market

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East China Aluminum: Prices Extend Gains, Trading Brisk

SMM Insight 01:23:18PM Jun 06, 2013 Source:SMM

SHANGHAI, Jun. 6 (SMM) – Spot aluminum was traded at RMB 14,920-14,940/mt in Shanghai on Thursday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 15,050/mt. SHFE aluminum prices rose, with SHFE 1306 aluminum contract prices sustaining a 10-day winning streak. This allowed traders to hold prices flat with SHFE current-month aluminum contract prices, sending spot aluminum in east China up to RMB 14,900/mt, a 4-month high. Downstream producers restocked in modest amounts as the Chinese Dragon Boat Festival is approaching, while middlemen went bargain hunting. This, coupled with tight aluminum supply, pushed prices up further. Trading was brisk at RMB 14,930/mt. Market activity should remain brisk tomorrow.
 

East China Aluminum: Prices Extend Gains, Trading Brisk

SMM Insight 01:23:18PM Jun 06, 2013 Source:SMM

SHANGHAI, Jun. 6 (SMM) – Spot aluminum was traded at RMB 14,920-14,940/mt in Shanghai on Thursday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 15,050/mt. SHFE aluminum prices rose, with SHFE 1306 aluminum contract prices sustaining a 10-day winning streak. This allowed traders to hold prices flat with SHFE current-month aluminum contract prices, sending spot aluminum in east China up to RMB 14,900/mt, a 4-month high. Downstream producers restocked in modest amounts as the Chinese Dragon Boat Festival is approaching, while middlemen went bargain hunting. This, coupled with tight aluminum supply, pushed prices up further. Trading was brisk at RMB 14,930/mt. Market activity should remain brisk tomorrow.