East China Aluminum: Spot Prices Hit Year’s Low on Limited Buying

SHANGHAI, Oct. 26 (SMM) – Spot aluminum was mainly traded between RMB 15,220-15,240/mt in Shanghai on Friday, with discounts between RMB 90-70/mt. Low-iron aluminum was traded between RMB 15,280-15,300/mt. SHFE 1212 aluminum contract prices extended losses, fueling bearish sentiment in spot aluminum market. Cargo holders showed lower interest in moving goods at lower prices, while downstream consumption remained sluggish, causing mainstream traded prices to fall to year’s low of RMB 15,220/mt. Spot aluminum prices should test support at RMB 15,200 due to weak fundamentals.