East China Aluminum: Spot Discounts Narrow on Continuous losses in Futures

SHANGHAI, Nov. 17 (SMM) -- Traded prices of spot aluminum in Shanghai were between RMB 16,060-16,090/mt on Thursday, with discounts of RMB 20/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,140-16,160/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,060-16,080/mt. Spot aluminum price fell below RMB 16,100/mt as SHFE current-month aluminum price continued to drop. Thus, goods holders were reluctant to move goods, narrowing discounts and even leading to premiums over the SHFE current-month aluminum price. Buyers were cautious due to stagnating futures prices. Transactions were moderate as a result.