East China Aluminum: Spot Price Stabilizes at Low-end, Stock Building on the Rise

SHANGHAI, Sept. 16 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,650-17,680/mt, with premiums of RMB 130-150/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,730-17,750/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,620-17,660/mt. Spot aluminum price stagnated at the low-end after SHFE current-month aluminum contract erased gains from a higher opening. After SHFE 1110 aluminum contract became the current-month contract, goods holders’ confidence for support at RMB 17,500/mt was relatively strong, with spot premiums held steady above RMB 100/mt. Stabilizing spot price at the low-end also attracted purchases from some downstream buyers to build up their stocks. Market transactions slightly improved from previous trading day.