East China Aluminum: Replenishments Ahead of Weekend Lift Transactions

SHANGHAI, Jun. 8 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,880-15,900/mt Friday, and low-iron aluminum was traded between RMB 15,990-16,020/mt in Shanghai. The interest rate cut by China’s central bank failed to boost metal markets, while negative reports from European and the US dragged down SHFE aluminum prices. Bearish moods prevailed in spot aluminum market, cargo holders were actively selling goods in avoidance of downward risks, but buying interest in Shanghai aluminum market remained low. Some dealers even lowered prices to RMB 15,880/mt for sales. In Wuxi and Hangzhou, the replenishments ahead of weekend helped support aluminum prices to stabilize at RMB 15,900/mt, with transactions improving slightly.