East China Aluminum: Stock Building Interest Lowers as Futures Prices Trim Gains

SHANGHAI, Sept. 27 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 17,080-17,120/mt on September 27th, with premiums of RMB 150-230/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,120-17,150/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,050-17,110/mt. Most active SHFE aluminum contract opened higher and narrowly fluctuated today. The current-month aluminum contract’s several attempts to break through the RMB 17,000/mt mark helped spot aluminum price climb to the RMB 17,100/mt mark. However, after the current-month aluminum contract trimmed gains, downstream stock building interest lowered. As a result, a few traders with urgent liquidating needs actively lowered their quotations, dragging down mainstream traded prices. Overall market transactions were moderate.