Metals News
East China Aluminum: Prices Mired, Downstream Restocking Modest
smm insight
01:06PM
Apr 24,2013
Source:SMM

SHANGHAI, Apr. 24 (SMM) – Spot aluminum was traded at RMB 14,400-14,420/mt in Shanghai on Wednesday, a discount of RMB 90-110/mt over SHFE 1305 aluminum contract. Low-iron aluminum was traded around RMB 14,580/mt. Despite a strong rally in copper prices, SHFE 1306 aluminum contract had little upward momentum. Modest downstream restocking ahead of the Chinese May Day holiday helped spot aluminum hover at RMB 14,410/mt. Traders were impatient to sell, increasing oversupply pressure. Trading was muted at higher prices.
 

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