East China Aluminum: Traders Anxious to Sell Against Tepid Buying Interest

SHANGHAI, Jun. 17 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,810-14,820/mt on Monday, RMB 20-30/mt higher than SHFE 1306 aluminum contract prices. Low-iron aluminum was traded around RMB 14,950/mt. SHFE 1306 aluminum contract prices inched up, but still met resistance at RMB 14,800/mt. Most cargo holders were in a hurry to sell as the end-of-month and end-of-quarter liquidity crunch bit in, but downstream producers largely held to a wait-and-see stance at the beginning of the new week, keeping a lid on aluminum prices. Trading was modest.