South China Aluminum: Transactions Quiet, Limited Inventories Offer Support to Prices

SHANGHAI, Jan. 16 (SMM) – The most active SHFE aluminum contract prices moved up narrowly on Monday and test RMB 16,200/mt. In South China spot markets, downstream buying interest was low, leaving only a few purchases reported in the morning. In the afternoon, inquiries were scarce, but cargo holders held prices firmly at the RMB 16,000/mt mark due to low inventories, with main transactions done between RMB 15990-16020/mt. As the Chinese New Year approaches, traders intended to begin the holiday early this week, so deals will be hardly seen since this Thursday.