East China Aluminum: Prices Extended Gains on Upbeat China Manufacturing PMI

SHANGHAI, Mar. 21 (SMM) – Spot aluminum was mainly traded at RMB 14,540-14,560/mt in Shanghai on Thursday, a discount of RMB 70-100/mt over SHFE current-month aluminum contract prices. Low-iron aluminum was trade around RMB 14,640/mt. SHFE 1306 aluminum contract prices extended gains due to upbeat preliminary March manufacturing PMI from China. Cargo holders were eager to move goods since they believe aluminum prices will not rise any further in the future. Middlemen went bargain-hunting, while downstream producers purchased only as needed, leaving mainstream traded prices stagnant at RMB 14,550/mt. Overall trading rebounded slightly.