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05 SEPTEMBER 2017 AL CIRCLE

China’s spot aluminium market active on bullishness, stocks in China’s major markets continue to rise

EDITED BY : BEETHIKA BISWAS 2MINS READ

In east China spot aluminium market, traders bought actively out of bullishness. Downstream producers sourced metal according to their need. Environmental issues continue to hurt production for both primary and downstream producers. 

Mainstream traded prices were RMB16,160-16,200 /tonne in Shanghai on Tuesday, RMB16,160-16,200 /tonne in Wuxi and RMB16,160-16,180 /tonne in Hangzhou. Spot discounts of RMB 200-170 /tonne over SHFE 1709 aluminium were offered in the markets. SHFE 1711 aluminium is expected to move around RMB 16,500-16,700/mt on Tuesday after the big drop yesterday.

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In another update, SMM statistics showed that aluminium stocks in China’s seven major markets, including SHFE aluminium warrants, kept on adding up to new highs.

As on September 4, the total aluminium stocks in China stood at 1.61 million tonnes, up 27,000 tonnes from a week ago. Out of the total, the stock in Shanghai stood at 291,000 tonnes, Wuxi at 660,000 tonnes, Gongyi at 118,000 tonnes, Hangzhou at 98,000 tonnes , Nanhai at 368,000 tonnes,  Tianjin at 51,000 tonnes and Chongqing  at 25,000 tonnes.

Chinese Yuan rises consecutively for 7 days on against US Dollar. The central parity of the yuan rose 298 to 6.5370 on Tuesday, the highest from May 18, 2016, compared to 6.5668 on Monday. The rate closed at 6.5200 on Monday and 6.5320 at night session. 

 

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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