East China Aluminum: Aluminum Futures Stabilize, Supply & Demand Contract

SHANGHAI, Sept. 20 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,470-17,510/mt on September 20th, with premiums of RMB 120-160/mt over SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,560-17,600/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,450-17,490/mt. The wait-and-see attitude prevailed in the spot aluminum market after SHFE aluminum price stabilized following a plunge during previous trading day. Except for a few value-retaining transactions and selling at lower prices among traders with high capital pressure, most spot aluminum traders were holding goods. Meanwhile, buying interest at lower prices downstream did not improve either due to fluctuating prices and capital pressure, thereby dragging down mainstream trading price to below the RMB 17,500/mt mark. Market transactions were sparse as a result.