East China Aluminum: Trading Lifted by Traders’ Buying Activity

SHANGHAI, Jul. 13 (SMM) – Mainstream traded prices of spot aluminum in Shanghai were between RMB 15,510-15,550/mt Friday, with spot discounts over the SHFE current-month aluminum contract price remaining at RMB 50-90/mt, and low-iron aluminum was traded between RMB 15,600-15,620/mt in Shanghai. The slipping 2Q GDP growth in China led to stronger expectations on further easing policies, but weak consumption in spot aluminum market impeded the increase in SHFE aluminum prices. Cargo holders were aggressively moving goods, but replenishments ahead of weekend were limited, causing mainstream traded prices to fall to RMB 15,510/mt. Given the expanded spot discounts, only some traders were looking for deliverable aluminum ingots, lifting transactions slightly.