East China Aluminum: Spot Prices Firm on Rising SHFE 1306 Aluminum Contract Prices

SHANGHAI, Jun. 4 (SMM) – Spot aluminum was traded at RMB 14,820-14,830/mt in Shanghai on Tuesday, a discount of RMB 10-30/mt over SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,960/mt. SHFE 1309 aluminum contract prices inched down, but SHFE 1306 aluminum contract prices bucked the trend by rising, allowing most traders to hold offers firm at RMB 14,830/mt. Downstream producers and middlemen purchased in modest amounts. The most active SHFE aluminum contract then fell further, depressing buying interest. Traders, though, still held prices firm.