East China Aluminum: Prices Edge Up, But Trading Light

SHANGHAI, Jan. 30 (SMM) – Spot aluminum was mainly traded at RMB 14,910-14,920/mt in Shanghai on Wednesday, with discounts at RMB 80-90/mt. Low-iron aluminum was traded at RMB 15,000-15,020/mt. SHFE current-month aluminum contracts rose to challenge resistance at RMB 15,000/mt, allowing cargo holders to hike offers despite thin trading activity in spot markets. Spot aluminum prices thus stabilized at RMB 14,900/mt. Cargo holders stood on the sidelines against liquidity crunch at the month’s end and since most downstream producers have closed early for Chinese New Year. Most of the sellers were those who bought at lower prices earlier. Overall trading was light.