East China Aluminum: Prices Tend to Decline Further over Scant Confidence

SHANGHAI, Jan. 5 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,990-16,020/mt on Thursday, with discounts of RMB 0-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,060-16,080/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,960-16,000/mt. With more spot goods arriving after the New Year’s holiday and since market confidence was depressed by dropping SHFE aluminum prices, goods holders were actively selling goods. Although sellers were intended to hold prices at RMB 16,000/mt, prices tend to further decline due to the weak consumption, leaving limited deals done in the market.