East China Aluminum: Strong Bearish Moods Lead to Spot Discounts

SHANGHAI, Dec. 12 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 16,140-16,170/mt on Monday, with discounts of RMB 30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,180-16,230/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,130-16,170/mt. The SHFE current-month aluminum price opened higher but fell later on Monday and struggled at RMB 16,150/mt level. In spot aluminum market, with strong bearish moods over the sluggish consumption, goods holders were actively selling goods before delivery date of the SHFE current-month aluminum contract. Inquiries from downstream buyers were rarely seen, with discounts over the SHFE current-month aluminum price. Few deals were reported in the market.