East China Aluminum: Trading Light as Positive Impact Fades

SHANGHAI, Mar. 12 (SMM) – Spot aluminum was mainly traded at RMB 14,520-14,540/mt in Shanghai on Tuesday, with discounts at RMB 70-90/mt. Low-iron aluminum was traded around RMB 14,680/mt. SHFE 1306 aluminum contract prices edged down, sending spot aluminum prices down as well. Traders were eager to move goods at RMB 80/mt lower than SHFE current-month aluminum contracts due to approaching delivery date of SHFE 1303 aluminum contracts. Downstream producers and middlemen showed low buying interest. Although aluminum prices have stabilized above RMB 14,500/mt for now, trading volumes turned thin again as news that the State Reserve Bureau will buy aluminum ingot has been digested.