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04 MARCH 2019 AL CIRCLE

Chalco’s high purchasing price fuels trading enthusiasm in spot aluminium market of east China

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

According to Shanghai Metals Market, east China on Monday, March 4, saw brisk trading in spot aluminium market as high purchasing prices offered by aluminium giant Chalco fuelled trading enthusiasm.

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Spot deals were mostly found at RMB 13,610 per tonne to RMB 13,630 per tonne in Shanghai, up over RMB 70 per tonne over the weekend. The front-month March aluminium contract on the Shanghai Futures Exchange also climbed from Friday.

Against the SHFE 1903 contract, spot discounts in Shanghai came in at RMB 60 per tonne to RMB 50 per tonne, wider than RMB 50 per tonne to RMB 40 per tonne on Friday morning.

Chalco’s purchasing prices stood close to RMB 40 per tonne higher than the most traded prices earlier in the morning trading hours. The aluminium giant purchased about 3,000 tonnes of spot aluminium across the eastern markets this morning.

In southern markets also, Chalco purchased close to 3,000 tonnes of spot aluminium. However, trades there were weak compared with last Friday as higher prices sidelined downstream purchasers.

Spot trades in Guangdong mostly occurred at RMB 13,660 per tonne to RMB 13,670 per tonne, and the spread with prices in Shanghai widened to RMB 50 per tonne.


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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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