SHANGHAI, Jun. 19 (SMM) – Spot aluminum majorly settled at RMB 12,570-12,580/mt Friday in Shanghai, a RMB 80-90/mt discount against SHFE 1507 aluminum, versus RMB 12,560-12,580/mt in Wuxi and RMB 12,610-12,630/mt in Hangzhou.
Downstream producers mainly sourced cheap goods as need this morning before the Chinese Dragon Boat Festival from June 20-22. Some cargo holders were keen to sell before the festival and thus lowered some prices, fueling trades for cheap aluminum. Traders followed rising SHFE 1507 aluminum to raise spot prices. However, most buyers have finished purchase and refused the price hike, slowing spot price growth.