April 11 2011- Aluminum scrap metal prices report:
Spurred by long-delayed drop of US dollars, London Metal Exchange(LME) stage Al rose on Apr.8th, finally colsed at 2,710 points, up by 30 points or 1.12% . In terms of inventory, LME Aluminum stock decreased 2,700 tons, the total decreased to 4,581,775 tons.
Today, Shanghai Aluminum moved high with turbulence.Contract 1106 closed at 16,880 points in the afternoon, up by 25 points or 0.15%, trading at 16,870 to 16,945, positions increased over3,364 hands, turnover increased 9,000 to 22,000 hands compared with last week.
In Spot Market, the Yangtze A00 Aluminum transaction price: 16,660-16,700 RMB/ton, up by 50 RMB/ton; Shanghai A00 Aluminum ingot transaction price: 16,650-16,680 RMB/ton, up by 45 RMB/ton; Gongdong Nanchu A00 ingot transaction price: 16,580-16,680 RMB/ton.
With a short-term eyesight, Shanghai Aluminum continued to clear up. The rise of interests in European Central Bank had little impact on market. The earthquake happed in Japan for the second time posed a certain press on price. Whatmore, with the background of low consumption need, Shanghai Aluminum market is unable to have great improvement. Last Friday, LME Aluminum price edged up continuously while domestic situation was insipid. Therefore, Shanghai Aluminum will continue to clear up in a narrow extent.
Today, the domestic scrap Aluminum prices kept in line with previous trading day. Affected by some international factors,
downstream merchants made the purchase on demand and presented cautiously. The watching attitude was prevalent. Latest price: shred tense(91%-93%) 16,000 RMB/ton, shred taint (90-92%)13,000 RMB/ton.
Generally speaking, Shanghai Aluminum price was promoted by the rising LME Al price. Technically, there is still space for improvement because of the price. Furthermore, Shanghai afternoon market is expected to break 1,007 points. Keeping holding is advisable.
1RMB=0.1474USD Source worldscrap