East China Aluminum: Spot Premium Reported on Downstream Restocking-Shanghai Metals Market

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East China Aluminum: Spot Premium Reported on Downstream Restocking

Price Review & Forecast 01:33:41PM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – Spot aluminum was traded at RMB 14,820-14,830/mt in Shanghai on Thursday, a premium of RMB 20-30/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,940/mt. SHFE 1309 aluminum contract opened lower on the first trading day following the three-day break in China, dragged down by falling LME aluminum during the holiday, while SHFE 1306 aluminum contract also slipped to stagnate at RMB 14,800/mt. Traders in east China held offers firm as limited shipments arrived over the holiday and as some aluminum smelters announced plans to cut production. Meanwhile, some downstream producers replenished stocks and delivery of SHFE current-month aluminum contacts is drawing near, keeping spot aluminum at a premium of over RMB 20/mt over SHFE 1306 aluminum contract prices. Trading was brisk at lower prices. Aluminum prices should remain resilient to declines tomorrow due to positive market fundamentals. 
 

East China Aluminum: Spot Premium Reported on Downstream Restocking

Price Review & Forecast 01:33:41PM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – Spot aluminum was traded at RMB 14,820-14,830/mt in Shanghai on Thursday, a premium of RMB 20-30/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,940/mt. SHFE 1309 aluminum contract opened lower on the first trading day following the three-day break in China, dragged down by falling LME aluminum during the holiday, while SHFE 1306 aluminum contract also slipped to stagnate at RMB 14,800/mt. Traders in east China held offers firm as limited shipments arrived over the holiday and as some aluminum smelters announced plans to cut production. Meanwhile, some downstream producers replenished stocks and delivery of SHFE current-month aluminum contacts is drawing near, keeping spot aluminum at a premium of over RMB 20/mt over SHFE 1306 aluminum contract prices. Trading was brisk at lower prices. Aluminum prices should remain resilient to declines tomorrow due to positive market fundamentals.