Author：Site  Source：Original Site  Click to rate：1008  Post time：2014-07-29

Tags: Shanghai aluminum prices

SHANGHAI, Jul. 29 (SMM) - Spot aluminum largely traded between RMB 14,010-14,020/mt in Shanghai on Tuesday, a discount of RMB 50-60/mt over SHFE 1408 aluminum contract. Mainstream traded prices were RMB 14,010-14,030/mt in Wuxi and RMB 14,020-14,030/mt in Hangzhou. August aluminum on the SHFE hovered below the 5-day moving average, blurring the outlook for near-term movement. Sellers rushed to sell out of bearishness. Downstream consumption was sluggish in the offseason. Traders stayed out of the market since current spot discounts created little room for arbitrage. Ample supply and weak demand caused prices to drop RMB 40/mt.

from metal.com