East China Aluminum: Trading Cools ahead of Holiday

SHANGHAI, Dec. 27 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,990-16,030/mt on Tuesday, with discounts of RMB 10-40/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,080-16,100/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,960-16,000/mt. Although the SHFE current-month aluminum price increased above the RMB 16,000/mt level, spot aluminum consumption was sluggish, leading to divergence of selling willingness among traders. Traders owned sufficient inventories were actively clearing stocks while those have completed clearance were reluctant to move goods. Therefore, prices for branded aluminum ingots with sufficient supply fell below the RMB 16,000/mt mark, while prices for brands with tight supply remained stable. Trading began to cool ahead of the New Year's holiday.