|Shanghai Spot Metal Quote (SHMET)||More|
|Jul 02 2010|
|Copper||52200-52550||0||b 150/b 250|
|Aluminum||14510-14550||+50||c 20/b 20|
|1#Zinc||14550-14650||+100||c 195/c 95|
|0#Zinc||14600-14700||+100||c 145/c 45|
China’s spot Aluminum is quoted from RMB 14510 and 14550 per tonne, increasing RMB 50 per tonne, with trading from RMB 20 contango to 20 backwardation. With the worse Chinese and American economic data these days, insiders are more worried about economic double dip recession. It is bad for both demand growth and stability of price, at the same time, the oversupplied situation on the aluminum hasn’t been changed by the news of cutting output of factories. What will also put pressure on the aluminum price.
“ SHFE aluminum is stable today. The weak trend restricted the bounce of aluminum price. Downstream consumers are unwilling to purchase goods these days, as well as the purchasing volume is not very much. The aluminum stock continued to decrease everyday now, but the situation of oversupplied has now been changed.” An aluminum trader said to SHMET.
“ Aluminum price is in the weaker consolidating trend these two days and limited by the up MA and hard to rebound. The sales is better today. We have sold 500 tonnes of goods at RMB 14500 per tonne well. Before the good news been published, we think aluminum price will always keep consolidating trend.” Another spot trader said to SHMET.
reported by SHET.
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Shanghai Metal Price Index, “SHMETX” for short, reflects non-ferrous metals’ spot prices of Shanghai comprehensively, compiled and published by Shanghai Metals Exchange (“SHMET”). Its characteristics are objective, high-efficiency, professional, authoritative, etc. The average prices of sampling varieties can be the standard of quoting prices and reference inside and outside the industry.