Shanghai Metals Market
East China Aluminum: Premiums Expand, Spots and Futures Go Oppositely
Edited by : AL CIRCLE
1 min read
Traded prices of spot aluminum in Shanghai were between RMB 15,830-15,860/mt on Thursday, with premiums of RMB 40-60/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,840-15,880/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,820-15,860/mt.
SHFE aluminum prices opened significantly lower and led to a slump of as much as RMB 200/mt in spot prices. With only one day ahead of delivery date of the SHFE current-month aluminum price, premiums expansion boosted buying enthusiasm in futures market, leading declines in the SHFE current-month aluminum price to narrow. Meanwhile, in spot market, buying interest was depressed, and prices moved down. Thus, prices in spot and futures market went oppositely, leaving deals hardly made in spot aluminum market.
SHFE aluminum prices opened significantly lower and led to a slump of as much as RMB 200/mt in spot prices. With only one day ahead of delivery date of the SHFE current-month aluminum price, premiums expansion boosted buying enthusiasm in futures market, leading declines in the SHFE current-month aluminum price to narrow. Meanwhile, in spot market, buying interest was depressed, and prices moved down. Thus, prices in spot and futures market went oppositely, leaving deals hardly made in spot aluminum market.
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