Chinese spot aluminium market sees low transactions as New Year break begins
According to Shanghai Metals Market, spot aluminium transactions across eastern and southern markets kept muted on Monday, January 28, as most downstream consumers began their Chinese New Year break.
This is the last week before the most important Chinese festival begins.
The front-month aluminium contract on the Shanghai Futures Exchange weakened in morning trade. In Shanghai, spot discounts were at RMB 70 per tonne to RMB 60 per tonne, compared to RMB 80 per tonne to RMB 60 per tonne on Friday morning, January 25.
Spot transactions in Shanghai, Wuxi and Hangzhou were seen at RMB 13,410 per tonne to RMB 13,430 per tonne. Trade prices were up close to RMB 20 per tonne from Friday morning.
In Guangdong, spot transactions were heard at RMB 13,440 per tonne to RMB 13,450 per tonne, with Guangdong-Shanghai spreads at RMB 30 per tonne.
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