East China Aluminum: Trading Prices Fall with Low Market Sentiment

SHANGHAI, Sept. 2 (SMM) – Trading prices of spot aluminum in Shanghai were between RMB 17,780-17,820/mt on September 2nd, with premiums of positive RMB 40-80/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,860-17,900/mt. Trading prices of spot aluminum in Wuxi were between RMB 17,770-17,810/mt. Spot market sentiment turned low with SHFE aluminum prices’ opening and moving lower. Transactions were hardly reported despite of inquiries. As only small volumes of downstream purchases were seen in the market, with sufficient supply, goods holders were actively lowering quotes to attract buyers, thereby dragging down mainstream trading prices to below RMB 17,800/mt. Overall market transactions were sparse.