Primary aluminium price decline boosts spot transactions in east-China: SMM
Shanghai Metals Market found that decline in primary aluminium prices today, on January 29, has fuelled purchasing enthusiasm among downstream consumers and triggered spot aluminium transactions across east-China as a result.
The front-month aluminium contract on the Shanghai Futures Exchange pared some overnight losses earlier in the morning, but later lost those gains. Spot discounts in Shanghai were seen at RMB 60 per tonne to RMB 50 per tonne against the SHFE 1902 contract, compared to RMB 70 per tonne to RMB 60 per tonne as on Monday, January 28.
In Shanghai, Wuxi and Hangzhou, spot transactions were at RMB 13,290 per tonne to RMB 13,300 per tonne, which indicates that traded prices fell some RMB 120 per tonne from Monday morning.
With arbitrage opportunities, traders were keen to purchase today and this bolstered the transactions between traders.
In Guangdong, spot transactions were at RMB 13,310 per tonne to RMB 13,320 per tonne, with Guangdong-Shanghai spreads narrowed to RMB 20 per tonne. Downstream consumers in Guangdong made limited purchases this morning.
Québec Aluminium delegation in India from 28th January to 3rd February 2019
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