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22 FEBRUARY 2019 AL CIRCLE

Aluminium trades in spot market rise today in eastern China

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, spot aluminium trades across east-China remained positive on this morning, February 22, as downstream consumers stockpiled for the weekend. In Shanghai and Wuxi, spot deals were mostly heard at RMB 13,490 per tonne to RMB 13,510 per tonne and that in Hangzhou at RMB 13,500 per tonne to RMB 13,510 per tonne, SMM research found. Traded prices were up more than RMB 70 per tonne from the previous morning.

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The front-month aluminium contract on the Shanghai Futures Exchange also rose on the day. Spot discounts in Shanghai were seen at RMB 90 per tonne to RMB 70 per tonne against the SHFE March contract, slightly wider than RMB 60 per tonne to RMB 50 per tonne on Thursday morning.

The state-owned aluminium giant the Aluminium Corporation China (Chalco) purchased about 2,800 tonnes of spot aluminium in eastern markets this morning.

In southern markets, on the other hand, increase in aluminium prices eroded buying interest among traders and thus, resulted in limited trading in the morning.

With discounts of RMB 40 per tonne to RMB 30 per tonne against the SHFE March contract, spot deals were mostly done at RMB 13,540 per tonne to RMB 13,550 per tonne in Guangdong, while the spread with prices in Shanghai shrank to RMB 40 per tonne this morning.

Tagged with:

Aluminium Price SMM China

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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