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East China Aluminum: Spot Price Hits RMB 18,000/mt, Bullish Sentiment Continues
Edited by : AL CIRCLE
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Traded prices of spot aluminum in Shanghai on July 26th were between RMB 17,980-18,000/mt, with premiums of positive RMB 50-100/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,030-18,070/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,970-17,990/mt. After SHFE aluminum prices surged by 1%, spot aluminum prices also climbed and hit RMB 18,000/mt. With rising prices, goods holders remained optimistic towards aluminum prices and were actively building up inventories while keeping premiums firm. Market transactions were limited as a result of scarce supply.
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