08 AUGUST 2011smm
East China Aluminum: Consumption Cautious with Fluctuating Prices
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Trading prices of spot aluminum in Shanghai on August 8th were between RMB 17,820-17,850/mt, with premiums of positive RMB 240-260/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,840-17,880/mt. Trading prices of spot aluminum in Wuxi were between RMB 17,800-17,850/mt. SHFE current-month aluminum prices surged after opening lower, which boosted goods holder confidence within a short prevailing market. Spot premiums were kept around RMB 250/mt over SHFE current-month aluminum prices supported by unwillingness to sell. Drastically fluctuating aluminum prices led to cautious sentiment among consumers with purchases rarely reported. Overall market transactions were quite limited.
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