Shanghai Metal Market
East China Aluminum: Aluminum Futures Plunge 2%, Only Inquiries from Middlemen
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 16,530-16,560/mt on October 18th, with premiums of RMB 50-80/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,600-16,640/mt. Traded prices of spot aluminum in Wuxi were between RMB 16,490-16,520/mt. After SHFE aluminum prices plunged nearly 2%, spot aluminum prices dropped to near RMB 16,500/mt. The selling interest also cooled among goods holders. Despite this drop, downstream buyers stayed on the sidelines. Spot premiums over the current-month aluminum contract only fluctuated near RMB 50/mt following a change in month. That compared with surges in premiums during previous changes in month. Only middlemen were actively inquiring at lower prices, but transactions were quite limited.
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