East China Aluminum: Futures Price Rises, Weak Consumption Limits Increase in Spot Price

SHANGHAI, Jan. 16 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,980-16,020/mt on Monday, with discounts of RMB 50-100/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,040-16,060/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,930-15,970/mt. SHFE 1202 aluminum contract became the SHFE current-month aluminum contract, and the price moved up slightly to RMB 16,100/mt. However, spot aluminum prices lacked upward momentum due to weak consumption in spot markets, with discounts over the SHFE current-month aluminum price expanding to RMB 100/mt. Only prices for high quality aluminum ingots were held firmly above the RMB 16,000/mt mark due to tight supply. Limited deals were made in markets.