Primary aluminium sellers continue to be keen to offload cargoes in east-China but buyers show minimum interest
Shanghai Metals Market research found spot aluminium downstream buyers across east-China markets remained quiet today, on November 29, even as spot discounts widened. Sellers continued to show their enthusiasms to offload cargoes, learned SMM.
The SHFE 1812 contract extended its fall even today in the morning trade. Spot discounts in Shanghai were heard at RMB 60 per tonne to RMB 50 per tonne against the December contract, compared to RMB 40 per tonne to RMB 30 per tonne in the previous day. Most transactions in Shanghai and Wuxi were at RMB 13,560 per tonne to RMB 13,570 per tonne and that in Hangzhou at RMB 13,590 per tonne to RMB 13,610 per tonne. The prices were down by some RMB 60 per tonne than the prior day.
In Guangdong, on the other hand, transactions were mostly seen at RMB 13,630 per tonne to RMB 13,650 per tonne with Guangdong-Shanghai spread widened to RMB 70 per tonne.
Offloading willingness across sellers in Guangdong improved while downstream consumers continued to make purchases on demand. The Aluminium Corporation of China Limited (Chalco) also made purchases today in the Guangdong market.
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