Shanghai Metals Market
East China Aluminum: Rapidly Slipping PPI Erodes Spot Momentum
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 16,200-16,240/mt on November 9th, with discounts of RMB 0-30/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,270-16,310/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,170-16,210/mt. China’s Consumer Price Index slipped rapidly in October, which significantly eased inflation pressures in China. The Producer Price Index, however, slipped much more than expected. The weak domestic demand dragged down today’s SHFE aluminum price. Downstream demand for spot aluminum remained weak, eliminating premiums over the SHFE current-month aluminum price and in the mean time eroding the metal’s momentum to rebound. A few middlemen purchased at lower prices. Market transactions were quite limited.
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