Metals News
South China Aluminum: Traders Lower Prices, Buyers Reluctant to Purchase
smm insight

SHANGHAI, Jul. 6 (SMM) – The most active SHFE aluminum prices were not boosted by PBOC's interest rate cuts and presented a weak trend Friday. Spot aluminum ingots in Nanhai were traded between RMB 15,570-15,600/mt. Traders said despite the significant drop in aluminum prices, downstream buyers only purchased as needed since orders and operating rates at downstream enterprises remained unimproved. Meanwhile, spot aluminum inventories in Nanhai rose moderately. Traders were not optimistic on market outlook given the sluggish downstream demand and increasing supply.

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