South China Aluminum: Futures Slump Dragging Spots Down

SHANGHAI, Dec. 13 (SMM) – The most active SHFE aluminum contract price fell below RMB 16,000/mt after gapping lower on Tuesday, and failed to rally. In South China spot market, bearish moods were strong, and purchases by downstream buyers were rarely seen. Cargo holders were more willing to move goods. Although cargo holders held firmly at RMB 16,100/mt, a few goods were still traded at RMB 16,090/mt. However, downstream buyers were not active in bargain hunting, leaving market gloomy.