Chinese aluminium spot sellers show reluctance to offload cargoes on futures price drop: SMM
According to Shanghai Metals Market, spot aluminium sellers in east China showed reluctance in offloading cargoes today, December 27, on the occasion of aluminium futures price drop.
In this background, the SHFE January aluminium contract fell in morning trades. Spot discounts in Shanghai were heard at RMB 80 per tonne to RMB 70 per tonne against the SHFE 1901 contract compared to RMB 100 per tonne to RMB 90 per tonne in the previous day.
Most spot transactions in Shanghai and Wuxi were at RMB 13,530 per tonne to RMB 13,550 per tonne while that in Hangzhou were at RMB 13,540 per tonne to RMB 13,550 per tonne. Thus, in contrast to the previous day, the prices today were down by some RMB 140 per tonne.
The drops in prices found driving the purchasing interest among traders, but at the same time, held back sellers from selling their cargoes at relatively low prices. So, the overall spot aluminium trades across eastern markets were found poor today.
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