East China Aluminum: Spot Discounts Narrow, Trading Light on Bearishness

SHANGHAI, Oct. 10 (SMM) – Spot aluminum was mainly traded between RMB 15370-15400/mt in Shanghai on Wednesday, with discounts between RMB 30-0/mt. Low-iron aluminum was traded between 15440-15460/mt. The most active SHFE aluminum contract extended losses, while the current-month contract failed to hold onto RMB 15,400/mt. Quotations for some deliverable brand aluminum ingot were almost flat with the current-month contract due to the approaching delivery date, but most traders moved goods at discounts of RMB 20/mt. Downstream producers purchased only limitedly at low prices as they were bearish towards aluminum prices, leaving trading extremely light.