Spot Aluminum Price Movement in East China (2014-6-5)

SHANGHAI, Jun. 5 (SMM) – The SHFE front-month aluminum contract trended down on Thursday, falling below the 20-day moving average. Physical aluminum traded mostly between RMB 13,160-13,170/mt in Shanghai on Thursday, a discount of RMB 70-80/mt over the SHFE 1406 aluminum contract. Mainstream traded prices were RMB 13,140-13,150/mt Wuxi and RMB 13,180-13,200/mt in Hangzhou. Downstream producers rarely purchased goods, expecting further declines in the SHFE front-month aluminum contract following a 5-day losing streak. Some middlemen hunted for bargains, but traded volumes were still rather light on Thursday.