East China Aluminum: Weak Aluminum Meets Low Downstream Buying Interest

SHANGHAI, Dec. 9 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,100-16,140/mt on Friday, with discounts of RMB 20/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,150-16,200/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,100-16,120/mt. The slump of China November CPI failed to boost the market sentiment as negative news from Europe overnight reigned. The SHFE current-month aluminum price opened lower and moved down. Traders quoated at discounts over the SHFE current-month aluminum price. The downstream buying interest was low, adding to pressure on spot prices. Transactions were limited in the market.