East China Aluminum: Buying Interest Diminishes on Mid-Year Liquidity Crunch

SHANGHAI, Jun. 27 (SMM) – Mainstream traded prices for spot aluminum in Shanghai were RMB 14,380-14,400/mt on Thursday, a discount of RMB 0-10 and a premium of RMB 0-10/mt over SHFE 1307 aluminum contract prices. Low-iron aluminum was traded around RMB 14,540/mt. Despite a slight rise in SHFE 1307 aluminum contract prices, downstream producers stayed out of the market against tightening liquidity crunch at the end of mid-year point. Traders became less eager to sell, but overall supply remained in surplus, keeping mainstream traded prices in check, with lowest traded price stagnant at RMB 14,380/mt. Trading is expected to turn even thinner tomorrow.