Large purchase triggers spot aluminium trades in east China: SMM
Shanghai Metals Market found that a purchase of more than 6,000 tonnes of spot cargoes in east China, at higher than expected prices, by an aluminium trader on Thursday, January 3, 2019, triggered the overall trades across eastern markets.
The on-month aluminium contract on the Shanghai Futures Exchange hovered at lows in morning trades. In Shanghai, the spot discounts were seen at RMB 20 per tonne to RMB 10 per tonne against the SHFE 1901 contract, against the discounts of RMB 40 per tonne in the previous day.
Spot transactions in Shanghai and Wuxi were done at RMB 13,280 per tonne to RMB 13,300 per tonne, while at RMB 13,300 per tonne to RMB 13,310 per tonne in Hangzhou. Prices were down close to RMB 40 per tonne from the prior day.
In Guangdong, on the other hand, spot transactions were mostly done at RMB 13,380 per tonne to RMB 13,390 per tonne. Transactions between traders remained brisk, while downstream buyers in the southern market purchased just on demand and did not show strong buying enthusiasm.
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