East China Aluminum: Selling Interest High on Strong Bearish Sentiment

SHANGHAI, Oct. 30 (SMM) – Spot aluminum was mainly traded between RMB 15,130-15,150/mt in Shanghai on Tuesday, with discounts between RMB 50-70/mt. Low-iron aluminum was traded between RMB 15,190-15,220/mt. SHFE 1212 aluminum contract prices extended losses and the current-month contract lost RMB 15,200/mt as bearishness turned stronger in SHFE aluminum market. Cargo holders were actively moving goods, while downstream processors refrained from buying at the month’s end, dragging down spot aluminum traded prices to RMB 15,130/mt. Low-priced goods attracted dip-buying from some downstream producers and middlemen, but overall trading was limited.