Aluminum Spot aluminum was mainly traded between RMB 15,500-15,520/mt in Shanghai on Thursday, with discounts between RMB 120-100/mt. Low-iron aluminum was traded between 15,570-15,580/mt. The most active aluminum contract trended down after a low opening, while support at RMB 15,600/mt was weak for the current-month contract, triggering strong bearish sentiment in spot aluminum market. Some traders were eager to move goods by lowering quotations to RMB 15,500/mt, whereas downstream producers purchased as needed. In the afternoon, the SHFE 1212 aluminum contract expanded losses, fuelling stronger bearish sentiment. As a result, quotations of spot aluminum dropped to RMB 15,470-15,480/mt, but inquiries were rarely heard among downstream producers and middlemen, leaving overall trading extremely thin. |
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