Shanghai Metal Market
East China Aluminum: Spot Fails to Track Futures on Capital Pressure
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 16,500-16,540/mt on October 24th, with premiums of RMB 0-50/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,580-16,600/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 16,460-16,500/mt. SHFE aluminum prices rebounded further today. However, spot aluminum prices failed to get on the upward track due to rare purchases from downstream buyers who were facing strong capital pressure at month’s end. Meanwhile, liquidating efforts of goods holders further damped the upward momentum of spot aluminum price, with spot premiums over the SHFE current-month aluminum price quickly narrow to near zero. Market transactions were quite rare, however, as only a few middlemen replenished their stocks at lower prices.
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