East China Aluminum: Spot Falls to New Yearly Low with Plunging Futures

SHANGHAI, Nov. 18 (SMM) -- Traded prices of spot aluminum in Shanghai were between RMB 15,980-16,010/mt on Friday, with discounts of RMB 10/mt to premiums of RMB 10/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,080-16,100/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,950-15,990/mt. The SHFE current-month aluminum price slipped after gapping lower at RMB 16,000/mt on Friday. Its failed rebound later intensified the bearish market sentiment. Selling interest among goods holders improved remarkably, and spot prices were close to the SHFE current-month aluminum price. However, traded prices were dragged down as buyers were not active in purchasing at lower prices. As a consequence, spot aluminum prices dipped below RMB 16,000/mt for the first time this year. Transactions were limited.