East China Aluminum: Selling Interest Low, Discounts in Wuxi Narrow

SHANGHAI, Feb. 28 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,880-15,920/mt on Tuesday, with discounts of RMB 130-170/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,980-16,020/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,890-15,920/mt. The SHFE current-month aluminum price moved sideways with resistance at RMB 16,070/mt. The rises in relevant metals failed to boost aluminum markets, so aluminum consumption became even weaker at the end of the month, dragging down spot prices in Shanghai. In Wuxi, some cargo holders were not willing to move goods at lower prices, leaving narrowed discounts over the prices in Shanghai. However, only transactions were done in general.