East China Aluminum: Spot Aluminum Prices Constrained by Disappointing PPI

SHANGHAI, Aug. 9 (SMM) – Spot aluminum was mainly traded at RMB 15,430-15,450/mt in Shanghai on August 9, with discounts at RMB 20-40/mt and low-iron aluminum traded at RMB 15,510-15,520/mt. China’s CPI for July fell, in line with expectations, but its PPI dropped at a faster-than-expected rate, eroding gains of aluminum prices. Cargo holders were eager to move goods, but downstream buying interest remained low in the wake of Typhoon Haikui, dragging traded prices below RMB 15,450/mt. Overall trading was thin.