South China Aluminum: Spot Prices Down, Trading Quiet

SHANGHAI, Feb. 20 (SMM) – SHFE 1305 aluminum contract prices fell below RMB 15,100/mt again after a high opening on Wednesday, dragging spot aluminum prices down. Spot aluminum inventories were comparatively low in south China before the Chinese New Year, so growing inventories after the holiday did not add oversupply pressure, allowing most cargo holders to take a wait-and-see stance and hold back goods at low prices. There was a lack of buying interest as downstream producers have not yet resumed production. Sparse transactions were done at RMB 14,780-14,790/mt and overall trading was light.