05 AUGUST 2011en.smm.cn
East China Aluminum: Futures Fall and Stop, Spot Premiums Surge
Edited by : AL CIRCLE
1 min read
Morning trading prices of spot aluminum in Shanghai on August 5th were between RMB 17,930-18,030/mt, with premiums of positive RMB 200-300/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,000-18,050/mt. Trading prices of spot aluminum in Wuxi were between RMB 17,950-18,050/mt. SHFE aluminum prices fell and stop within 10 minutes after opening, which battered spot market confidence, leading to mixed quotes. At the beginning, spot premiums were lifted by goods holders to a high of RMB 300/mt in a bid to stop aluminum prices from falling below RMB 18,000/mt. However, mainstream trading prices gradually dropped later, which boosted purchaser interest with purchases at lower prices slightly increasing. Overall market sentiment was slightly active.
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