East China Aluminum: Rebound Limited on Sluggish Consumption

Spot aluminum was mainly traded at RMB 14,540-14,560/mt in Shanghai on Monday, a discount of RMB 70-90/mt over SHFE 1304 aluminum contract prices. Low-iron aluminum was trade around RMB 14,740/mt. SHFE 1306 aluminum contract prices had limited upward momentum, curtailing gains of spot aluminum prices and leaving mainstream traded prices of spot aluminum stagnant at RMB 14,550/mt. Traders in Wuxi refused to sell at low prices due to limited arrivals, but low buying interest among downstream producers and middlemen in Shanghai and Hangzhou sent aluminum prices down.