|Copper||53800-54400||-500||b 100/b 250|
|Aluminum||14780-14820||-120||b 30/b 70|
|1#Zinc||15100-15300||-350||b 75/b 275|
|0#Zinc||15150-15350||-350||b 125/b 325|
6/2/2010 2:11:09 PM
China’s spot Aluminum is quoted from RMB 14780 and 14820 per tonne, losing RMB 120 per tonne, with trading from RMB 30 to 70 backwardation. Debt crisis is making effect on Euro economic recovery, what will drag down the demand of metals and put pressure to risk appetite on the market again. Aluminum price is hard to rebound, and it is expected that the market will consolidate at a lower level and supported by the bottom in the short term.
“ SHFE Aluminum has gone lower today, as the sentiment on the market is unstable. We feel that spot aluminum price is difficult to go higher to RMB 15000 per tonne in these days and the demand of downstream consumers is moderate. It can be seen that aluminum price will be harder to go up in real thin season.” An aluminum trader said to SHMET.
“ We have sold 600 tonnes of goods at mainly RMB 14800 per tonne. Many traders are confused to the near-future market, so they are active to sell goods, while downstream consumers are unwilling to purchase them. Many factories have enough stock, so the supply pressure is still strengthening now.” Another spot trader said to SHMET.
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