South China Aluminum: Stable Consumption Leads to Limited Declines in Prices

SHANGHAI, Nov. 7 (SMM) – Most active SHFE aluminum contract prices opened higher but fell down later on Monday. SHFE Aluminum prices were under pressure at daily moving average and dropped further in the afternoon, dragging down spot aluminum prices in South China slightly. However, benefited from wide range of products in local area, production didn’t show significant change compared to other areas in China, giving support for aluminum prices and led to limited declines. Mainstream transactions were done at RMB 16,360-16,400/mt. As downstream buyers completed replenishment, transaction tended to be modest.