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East China Aluminum: Transactions Rare after Spot Prices Jump by 2.36%
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai on July 28th were between RMB 18,610-18,650/mt, with premiums of positive RMB 0-30/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,650-18,690/mt. Traded prices of spot aluminum in Wuxi were between RMB 18,610-18,650/mt. After SHFE aluminum prices surged by nearly 2%, spot aluminum prices also jumped by 2.36%. As a result, selling interest significantly increased among goods holders. Some of the goods holders who had been previously building up inventories even offered quotes below SHFE current-month aluminum prices. However, due to current high prices, purchasing interest was quite low among downstream processors and even among middlemen, with spot premiums quickly narrowing to near zero.
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