East China Aluminum: Aluminum Prices Hit New 2013 Low, Trading Stagnates (2013-2-5)

SHANGHAI, Feb. 5 (SMM) - On Tuesday, traded prices in the Shanghai spot aluminum market were between RMB 14,870-14,880/mt, and spot discounts were in the RMB 80-70/mt range. Prices of low-Fe aluminum were around RMB 14,980/mt. Lower opening in the SHFE aluminum market dragged down spot aluminum prices below RMB 14,900/mt, a new low for 2013, and the lowest since late July 2010. Market pessimism caused traders to reduce inventories, but generated little buying interest with the approach of the Chinese New Year holiday. In general, market trading stagnated.