South China Aluminum Price: Prices Down on Bearish Sentiment-Shanghai Metals Market

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South China Aluminum Price: Prices Down on Bearish Sentiment

Price Review & Forecast 03:46:08PM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – SHFE 1309 aluminum contract opened 1.7% lower on Thursday, undermining market sentiment. Aluminum inventories in Guangdong were slightly over 100,000 mt during the three-day holiday, but downstream producers stayed out of the market following the holiday out of growing pessimism. Most traders were anxious to sell considering that more goods will arrive, pulling prices down to RMB 15,200/mt. Prices in the region fell more sharply than those in east China, but were still RMB 400/mt higher than in east China. This enticed arbitrage between these two regions. Overall trading was modest.
 

South China Aluminum Price: Prices Down on Bearish Sentiment

Price Review & Forecast 03:46:08PM Jun 13, 2013 Source:SMM

SHANGHAI, Jun. 13 (SMM) – SHFE 1309 aluminum contract opened 1.7% lower on Thursday, undermining market sentiment. Aluminum inventories in Guangdong were slightly over 100,000 mt during the three-day holiday, but downstream producers stayed out of the market following the holiday out of growing pessimism. Most traders were anxious to sell considering that more goods will arrive, pulling prices down to RMB 15,200/mt. Prices in the region fell more sharply than those in east China, but were still RMB 400/mt higher than in east China. This enticed arbitrage between these two regions. Overall trading was modest.