East China Aluminum: Low Selling Interest Leads to Spot Premiums

SHANGHAI, Mar. 15 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,920-15,960/mt on Thursday, with discounts of RMB 20/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,020-16,050/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,930-15,960/mt. On the last day ahead of delivery day, SHFE 1203 aluminum contract price fell slightly and failed to rally, while spot prices were dragged down due to the quiet market. However, cargo holders were not willing to move goods, with quotations close to or even with premiums over SHFE aluminum price. Downstream buyers still waited on the sidelines with low buying interest. Only limited transactions were done.