East China Aluminum: SHFE Aluminum Weakens, Selling Interest High

SHANGHAI, Jul. 23 (SMM) – The mainstream traded prices for spot aluminum were at RMB 15,420-15,450/mt in Shanghai on July 23, with discounts at RMB 50-80/mt and low-iron aluminum traded at RMB 15,520-15,540/mt. SHFE aluminum opened lower and edged down by 1% on July 23. The failure to hold on to RMB 15,500/mt by the current-month contract triggered strong bearish sentiment. Cargo holders were eager to move goods for cash, whereas downstream enterprises purchased on an as-needed basis, except for middlemen who were actively buying at lows, with discounts mostly between RMB 70-80/mt. Overall trading was light.