East China Aluminum: Spot Prices Drop Below RMB 16,000/mt, Transactions Limited

SHANGHAI, May 15 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,960-15,990/mt on Tuesday, with premiums of RMB 0-20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,060-16,080/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,980-16,000/mt and traded prices in Hangzhou were between RMB 15,980-16,000/mt. On the final trading day for the SHFE current-month aluminum contract, futures prices fell and dragged spot aluminum prices below RMB 16,000/mt. However, cargo holders held prices firmly with low selling interest, while purchases by downstream buyers were limited. Later, transactions became quieter as SHFE aluminum prices rallied slightly.