10 AUGUST 2011smm
East China Aluminum: Spot Hits RMB 18,000, Transactions Rare
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Trading prices of spot aluminum in Shanghai on August 10th were between RMB 17,960-18,000/mt, with premiums of positive RMB 110-150/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 17,950-18,000/mt. SHFE current-month aluminum prices gapped higher at RMB 18,000/mt today, boosting goods holders confidence to sell at RMB 18,000/mt. However, as spot premiums were kept firm after aluminum prices surged, buying interest turned low in the market, which pulled down mainstream trading prices with even spot premiums lower than RMB 100/mt reported. Market transactions were rare.
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