Scrap Metal Prices

Spurred by the weak U.S. non-farm payrolls data, the demand confidence for metals was hit. London Metal Exchange (LME) aluminum futures dropped from high on 6th and closing remained almost no change, finally closed at 2,205 points, up by 5 points, or 0.23%. In terms of stock, LME aluminum stock dropped 2,825 tons, the total decreased to 4,397,675 tons on Friday.

Today, Shanghai aluminum, opened high, ran high, on the main shock. Contract 1011 closed at 15,755 points at, up by 120 points, or 0.19%, trading at 15,685 to 15,775, positions increased 6,600 hands, turnover decreased 20 thousand to 81 thousand hands.

In Spot market, the Yangtze A00 aluminum transaction prices: 15,300-15,340 RMB/T, up by 40 RMB/T; Shanghai Aoo aluminum ingot transaction price: 15,320-15,360 RMB/T, down by 70 RMB/T; Guangdong Nanchu A00 ingot transaction price: 15,230-15,370 RMB/T, up by 60 RMB/T.

Today, the domestic scrap aluminum price kept the same with the previous trading day. Aluminum futures opened high with other metals, but the futures price impacting on spot market is limited, merchants’ quotation almost kept the original level. The turnover equals to the previous trading day. Latest Price: shred tense 12,900 RMB/T, shred taint 12,100 RMB/T.

In a short term, macro-economic data once again confirmed the gradual slowdown trend in global economic growth, which determines the impossibility of the significant rise of short-term metal prices. Meanwhile, the international and domestic aluminum market itself is facing heavy over-capacity problem, which also limits the upside potential of aluminum. Therefore, aluminum price will face greater downward pressure in a short-term under the background of inadequate support in economic and fundamental aspects.

(1RMB=0.1477USD) News Source www.worldscrap.com