08 AUGUST 2011smm
South China Aluminum: Premiums Narrowing with Sluggish Consumption
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As investors turned panic following a downgrade of US debt rating, SHFE aluminum prices opened much lower below RMB 17,000/mt on August 8th. Though SHFE aluminum prices rebounded in the morning, short resistance remained strong. Spot aluminum prices in south China plunged by RMB 310/mt as a result of weak consumption. Mainstream trading prices in the area were between RMB 17,850-17,880/mt, with premiums over Shanghai spot prices quickly narrowing. Cautious sentiment was strong in the market, and transactions were rarely reported.
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