East China Aluminum: Dip-Buying Weighs Down Spot Prices

SHANGHAI, Oct. 18 (SMM) – Spot aluminum was mainly traded between RMB 15,310-15,350/mt in Shanghai on Thursday, with discounts between RMB 70-110/mt. Low-iron aluminum was traded between RMB 15,390-15,400/mt. The most active SHFE aluminum contract rose steadily as China’s 3Q GDP was in line with expectations. Spot aluminum prices climbed above RMB15,300/mt as a result. Cargo holders generally moved goods at prices RMB 100/mt lower than the current-month contract, with prices for some deliverable brand aluminum firm at RMB 15,350/mt. Downstream producers purchased only modestly at lower prices, dragging traded prices to RMB 15,310/mt. Overall trading was light.