East China Aluminum: Spot Premiums Continue Expansion with Limited Supply

SHANGHAI, Nov. 29 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,960-15,980/mt on Tuesday, with premiums of RMB 40-60/mt over the SHFE current-month aluminum price. Traded prices of spot aluminum in Wuxi were between RMB 15,970-16,000/mt. Some aluminum producers have already fulfilled their long-term contracts at month’s end. Meanwhile, as aluminum ingot shipments were affected by transportation problems in Northwest China, traders were unwilling to move goods at lower prices while expecting further gains of the metal. Spot premiums over the SHFE current-month aluminum price continued to expand as a result, leaving modest transactions.