East China Aluminum: Backwardation Narrows due to Growing Arrivals-Shanghai Metals Market

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East China Aluminum: Backwardation Narrows due to Growing Arrivals

Price Review & Forecast 01:14:59PM Oct 08, 2013 Source:SMM
SHANGHAI, Oct. 8 (SMM) – The price gap between SHFE 1310 and 1311 aluminum contracts expanded to over RMB 100/mt, causing backwardation over SHFE current-month aluminum contract to narrow. Meanwhile, more aluminum ingot arrived after the holiday, also keeping aluminum prices in check. Consumption improved as downstream producers began to replenish stocks in the wake of the week-long holiday. Mainstream traded prices in Shanghai were RMB 14,590-14,610/mt on Tuesday, RMB 14,600-14,620/mt in Wuxi, and RMB 14,610-14,620/mt in Hangzhou. 
 
 
Key Words:  Shanghai aluminum  

Price

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1# Silver ingots(99.99%)
May.24
3509.0
18.0
(0.52%)
2# Silver ingots(99.95%)
May.24
3494.0
18.0
(0.52%)
3# Silver ingots(99.90%)
May.24
3479.0
18.0
(0.52%)
Gold(99.99%)
May.24
288.8
2.3
(0.79%)
Gold(99.95%)
May.24
288.5
2.0
(0.70%)

East China Aluminum: Backwardation Narrows due to Growing Arrivals

Price Review & Forecast 01:14:59PM Oct 08, 2013 Source:SMM
SHANGHAI, Oct. 8 (SMM) – The price gap between SHFE 1310 and 1311 aluminum contracts expanded to over RMB 100/mt, causing backwardation over SHFE current-month aluminum contract to narrow. Meanwhile, more aluminum ingot arrived after the holiday, also keeping aluminum prices in check. Consumption improved as downstream producers began to replenish stocks in the wake of the week-long holiday. Mainstream traded prices in Shanghai were RMB 14,590-14,610/mt on Tuesday, RMB 14,600-14,620/mt in Wuxi, and RMB 14,610-14,620/mt in Hangzhou. 
 
 
Key Words:  Shanghai aluminum