East China Aluminum: Traders Rush to Sell against Tumbling SHFE Aluminum-Shanghai Metals Market

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East China Aluminum: Traders Rush to Sell against Tumbling SHFE Aluminum

Price Review & Forecast 02:25:27PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,540-14,560/mt on Thursday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,710/mt. US Federal Reserve Chairman Bernanke stated the Fed will scale back QE3 later this year and HSBC’s flash China manufacturing PMI for June hit a 9-month low, sending SHFE 1310 aluminum contract down RMB 100/mt. In response, spot aluminum traders were anxious to liquidate inventories, but downstream producers bought only as needed and middlemen were wary of purchasing. This drove mainstream traded prices down to RMB 14,550/mt.
 

East China Aluminum: Traders Rush to Sell against Tumbling SHFE Aluminum

Price Review & Forecast 02:25:27PM Jun 20, 2013 Source:SMM

SHANGHAI, Jun. 20 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,540-14,560/mt on Thursday, a discount of RMB 0-10/mt and premium of RMB 0-10/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,710/mt. US Federal Reserve Chairman Bernanke stated the Fed will scale back QE3 later this year and HSBC’s flash China manufacturing PMI for June hit a 9-month low, sending SHFE 1310 aluminum contract down RMB 100/mt. In response, spot aluminum traders were anxious to liquidate inventories, but downstream producers bought only as needed and middlemen were wary of purchasing. This drove mainstream traded prices down to RMB 14,550/mt.