East China Aluminum: Spot Discounts Expand As Spot Prices Lack Upward Momentum

SHANGHAI, Jun. 29 (SMM) – Traded prices of spot aluminum in Shanghai were between RMB 15,480-15,500/mt Friday, and low-iron aluminum was traded between RMB 15,580-15,600/mt in Shanghai. SHFE aluminum prices opened higher and kept spot aluminum prices to remained upward trend. However, on the last trading day before the midterm of the year, selling interest in spot market was extremely low, while selling interest among goods holders remained high. At about 11: 00 in the morning, SHFE aluminum prices rose sharply but spot prices lacked upward momentum to rise, with spot discounts expanding to RMB 100/mt. The high-end prices in Shanghai spot market were around RMB 15,500/mt and failed to increase further and transactions were modest.