|Shanghai Spot Metal Quote (SHMET)||More|
|Jun 04 2010|
|Copper||53200-53550||-550||b 200/b 350|
|Aluminum||14530-14570||-80||c 30/b 10|
|1#Zinc||14250-14350||-550||c 245/c 145|
|0#Zinc||14300-14400||-550||c 195/c 95|
China’s spot Aluminum is quoted from RMB 14530 and 14570 per tonne, losing RMB 80 per tonne, with trading from RMB 30 contango to 10 backwardation. The economic recovery is very weak while it is expected that domestic controlling measure will be continued, what have dragged down SHFE Aluminum and spot aluminum price. The continuously controlling policy of real state has great effect on the aluminum industry, at the same time, the situation of overcapacity is becoming more and more serious. Insiders are worrying about the continuous dropping aluminum price.
“ SFHE Aluminum opened lower and is keeping on the consolidating trend in a narrow range today. The sentiment of market is very nervous about the aluminum price and there is no indication that the controlling policy to the real state will be loosen nowadays. The market is adopting a look-on attitude, the trend of aluminum is hard to rise in the future.” An aluminum trader said to SHMET.
“ We have mainly sold 600 tonnes of goods at about RMB 14540 per tonne. The dropping SHFE Aluminum has been affected by LME market today. RMB 14500 per tonne of aluminum price is really a very low situation and many traders are unwilling to sell goods. We believed that the price will rebound soon.” Another spot trader said to SHMET.
more analysis please visit at http://en.shmet.com
SHMET Aluminum on average,weekly average price (from2001 to 2010) please visit at http://en.shmet.com/Data/Data.aspx?metal=2&year=2010
Disclosure: no positions