East China Aluminum: Slight Rally Boosts Buying Interest at Lower Prices

SHANGHAI, Nov. 23 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,900-15,930/mt on Wednesday, 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 15,970-16,000/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,880-15,920/mt. The SHFE current-month aluminum price rose slightly to RMB 15,900/mt limited by inadequate upward momentum. Some goods holders remained unwilling to move goods, driving spot aluminum prices to above RMB 15,900/mt. Supply was sufficient at the price. Downstream buyers still purchased on an as-needed basis. Middlemen’s increased buying interest at lower prices, however, led to slightly active transactions at the range.