29 AUGUST 2011Shanghai Metal Market
South China Aluminum: Supply Excessive, Transactions Limited on Capital Pressure
Edited by : AL CIRCLE
1 min read
While most active SHFE aluminium contract prices narrowly fluctuated near RMB 17,365/mt, spot aluminium prices in south China fell slightly to RMB 17,910-17,950/mt due to weak consumption at the month’s end. Resistance was turning stronger at RMB 18,000/mt, keeping most active SHFE aluminium contract away in the short term. Though cargo holders actively touted their goods, downstream buying interest was low due to capital pressure. As a result, excessive supply appeared, gradually dragging down mainstream trading prices. Overall market transactions were limited.
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