South China Aluminum: Transactions Improved after Holiday

SHANGHAI, Jan. 4 (SMM) – The most active SHFE aluminum contract prices gapped higher at RMB 15,990/mt on Wednesday and moved weakly below moving averages all day. Aluminum ingots in spot market in Nanhai were traded at RMB 16,010-16,030/mt, and transactions became more active. Traders were still not positive towards aluminum prices in the near terms. Meanwhile, according to traders, some downstream enterprises have already halted production for Chinese New Year. In Guangdong, the holiday for Chinese New Year has been advanced for many enterprises, reflecting the weak downstream demand.