Shanghai Metal Market
East China Aluminum: Transactions Rare as Traders “Start” Holiday in Advance
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 16,920-16,950/mt on September 29th, with premiums of RMB 200-220/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 16,980-17,020/mt. Traded prices of spot aluminum in Wuxi were between RMB 16,920-16,950/mt. After SHFE aluminum prices gapped over 2% lower, spot aluminum prices plunged in response. Since traders were gradually exiting the market, spot aluminum supply dropped significantly during the day. Meanwhile, due to low stock levels among traders, spot premiums held steady above RMB 200/mt. Downstream purchases were also quite limited, therefore transactions were rarely seen.
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