South China Aluminum: Cargo Holders Stuck to RMB 17,000/mt Mark, Sentiment Still Depressed

SHANGHAI, Oct. 13 (SMM) – The most active SHFE aluminum contract fell back after meeting resistance at moving averages on Thursday. Spot trading sentiment in south China was still depressed. Downstream buyers continued to purchase as needed, pulling spot aluminum prices down to RMB 17,000/mt in the area. Mainstream transactions were traded at RMB 17,000-17,040/mt. Cargo holders stuck to RMB 17,000/mt. Thus, there was strong wait-and-see sentiment in the market with limited transactions done in general.