East China Aluminum: Prices Resilient, But Bearish Sentiment Still Dominates-Shanghai Metals Market

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East China Aluminum: Prices Resilient, But Bearish Sentiment Still Dominates

Price Review & Forecast 01:06:27PM Jun 25, 2013 Source:SMM

SHANGHAI, Jun. 25 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,390-14,410/mt on Tuesday, a premium of RMB 0-20/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,550/mt. China’s A-shares continued to drop, adding to market pessimism. SHFE aluminum fell only slightly, though. Traders held offers at RMB 14,400/mt, while downstream producers purchased in modest amounts before liquidity tightens further. Some quoted at below RMB 14,400/mt against limited demand and tight cash flows. Buying interest is expected to dwindle further next week.
 

East China Aluminum: Prices Resilient, But Bearish Sentiment Still Dominates

Price Review & Forecast 01:06:27PM Jun 25, 2013 Source:SMM

SHANGHAI, Jun. 25 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,390-14,410/mt on Tuesday, a premium of RMB 0-20/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,550/mt. China’s A-shares continued to drop, adding to market pessimism. SHFE aluminum fell only slightly, though. Traders held offers at RMB 14,400/mt, while downstream producers purchased in modest amounts before liquidity tightens further. Some quoted at below RMB 14,400/mt against limited demand and tight cash flows. Buying interest is expected to dwindle further next week.