East China Aluminum: Pressure Felt at RMB 16,500/mt on Excessive Supply

SHANGHAI, Oct. 27 (SMM) -- Traded prices of spot aluminum in Shanghai were between RMB 16,450-16,490/mt on October 27th, with premiums of RMB 20-40/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,420-16,480/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,380-16,420/mt. The SHFE current-month aluminum price narrowly fluctuated above RMB 16,400/mt, but lacked momentum to climb. Downstream demand was weak due to order insufficiency. The bearish sentiment gained strength among goods holders, with quotations being lowered to attract buyers but meeting little response. Market transactions remained limited during the day.