East China Aluminum: Cash Needs by Month’s End Cause Oversupply in Spot Market

SHANGHAI, May 24 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,950-15,980/mt on Thursday, with discounts of RMB 10/mt to premiums of RMB 20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,030-16,040/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,960-15,990/mt and traded prices in Hangzhou were between RMB 15,960-15,980/mt. SHFE aluminum prices remained weak but declines were limited. Some dealers in spot market were unwilling to move goods, but most of them were actively selling due to cash needs by month’s end. However, the remaining low buying interest downstream caused oversupply in spot market, and trading was still unimproved.