09 AUGUST 2011smm
East China Aluminum: Futures Rebound, Middlemen Active at Lower Prices
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Trading prices of spot aluminum in Shanghai on August 9th were between RMB 17,570-17,610/mt, with premiums of positive RMB 120-150/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,600-17,640/mt. Trading prices of spot aluminum in Wuxi were between RMB 17,550-17,590/mt. SHFE aluminum prices gapped lower for 3 successive days with slight rebounds later attempting to recover the gap, which boosted goods holders’ confidence to quote with high premiums. During spot trading hours, after SHFE aluminum prices climbed steadily, spot premiums slightly narrowed, attracting some downstream buyers and middlemen to purchase and lifting up market sentiment.
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