East China Aluminum: Prices Rose over Confidence towards Market Outlook

SHANGHAI, Mar. 2 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,910-15,940/mt on Friday, with discounts of RMB 100-130/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,020-16,060/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,910-15,940/mt. Although SHFE aluminum prices fell back after rising slightly first, most traders were confident that market would improve, leaving low selling interest. As a result, spot prices moved up slightly above RMB 15,900/mt for the first time in nearly two weeks, some brands delivered in SHFE market were quoted above RMB 15,950/mt. However, downstream demand was still sluggish, with enterprises only purchasing on an as-needed-basis. Only limited transactions were made in the market.