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Spot aluminum hovered around RMB 14,400/mt early last week. Although LME aluminum rebounded and SHFE aluminum was resilient, spot aluminum hit a ceiling after climbing to RMB 14,450/mt as downstream producers resisted high prices. Later in the week, traders rushed to sell after copper prices plummeted, but middlemen were cautious. Spot aluminum tumbled to RMB 14,370/mt last Thursday, but even the low price failed to stoke much interest. Mainstream traded prices were at a discount of RMB 100/mt over SHFE 1305 aluminum contract.
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