Buying interests among downstream consumers improve in east-China on aluminium price fall
Shanghai Metals Market research found purchasing enthusiasm among aluminium downstream consumers across east-China spot markets improved on Thursday, December 5, from a day earlier as aluminium prices fell.
The SHFE December contract plunged on Thursday morning. In Shanghai, spot discounts were heard at RMB 30 per tonne to RMB 20 per tonne against the SHFE 1812 contract, narrower than RMB 50 per tonne to RMB 40 per tonne in the previous day.
In Shanghai and Wuxi, spot transactions were mostly done at RMB 13,550 per tonne to RMB 13,570 per tonne while that in Hangzhou at RMB 13,600 per tonne to RMB 13,620 per tonne. The prices were over RMB 90 per tonne lower than the previous day.
However, the losses in prices could not subdue the willingness of the sellers in eastern markets to let go their cargoes. But transactions between traders continued to be brisk.
In Guangdong, on the other hand, most transactions were seen at RMB 13,650 per tonne to RMB 13,670 per tonne, with the Guangdong-Shanghai spreads widened to RMB 100 per tonne. While sellers held back from selling in the southern markets, traders and downstream consumers showed keenness to make purchases.
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