|Shanghai Spot Metal Quote (SHMET)||More|
|Jul 07 2010|
|Copper||53100-53350||+200||b 200/b 300|
|Aluminum||14660-14700||+40||c 30/b 10|
|1#Zinc||15000-15100||-50||c 135/c 35|
|0#Zinc||15050-15150||-50||c 85/b 15|
China’s spot Aluminum is quoted from RMB 14660 and 14700 per tonne, increasing RMB 40 per tonne, with trading from RMB 30 contango to 10 backwardation. The trend of aluminum is lacking clear guidance under the steady macroeconomics. The continuous weaker USD index limited the downward room for aluminum price. Although aluminum market hasn’t cut more output, it will put much pressure to the marekt. With the poor trend, it’s likely that some enterprises will cut output continuously. Domestic economy structure adjustment is in the process, and the oversupplied condition hasn’t been changed yet. Aluminum price is hard to rise. Under the cost limit and expecting for cutting output, aluminum price will consolidate soon.
“ SHFE Aluminum has broken consolidating trend and opened higher today. Most traders chose to sell goods actively and waiting and seeing for the near-future market. The dropping USD has limited the downward trend of aluminum price, as the large volume has dragged down it to rise. There are not good news on the market to support aluminum price, so SHFE Aluminum can’t be stable above RMB 15000 per tonne.” An aluminum trader said to SHMET.
“ Our quotation was too high yesterday, so downstream consumers are unwilling to accept it. We have quoted RMB 14680 per tonne today, which is lower than other quotaion on the marekt. The sales is better, and we have sold less than 500 tonnes of goods. The weaker market made downstream consumers hesitate to buy more goods.” 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.
|Shanghai Precious Metals Quote(SHMET)||More|
|Jul 07 2010|