SHANGHAI, Jun. 16 (SMM) – Spot aluminum was offered RMB 100-110/mt lower than SHFE 1507 aluminum contract price with mainstream price at RMB 12,550-12,560/mt in Shanghai. Trades mainly settled at RMB 12,540-12,550/mt in Wuxi and RMB 12,580-12,590/mt in Hangzhou.
Buyers rushed to purchase once cheap aluminum was available. Cargo holders were more unwilling to sell at low after they turned bullish towards aluminum price, caused by gradually rising SHFE aluminum price. Faster growth in SHFE aluminum price limited trades to move hedged goods out, driving spot supply down in the afternoon.