Spot aluminium sellers in China show keenness to offload cargoes in the year-end: SMM
According to Shanghai Metals Market, spot aluminium sellers across eastern and southern markets in China showed keen interests in offloading cargoes on Monday, December 24. The imminent year-end prompted sellers to clean their stocks and cash in, which as a result, increased cargoes offload.
The SHFE January contract rebounded from the earlier lows during morning trades on Monday. Spot discounts in Shanghai were heard at RMB 80 per tonne to RMB 70 per tonne against the SHFE 1901 contract, compared to RMB 70 per tonne to RMB 60 per tonne seen on Friday morning.
In Shanghai and Wuxi, most transactions were heard at RMB 13,600 per tonne to RMB 13,610 per tonne while in Hangzhou, the transaction was at RMB 13,620 per tonne to RMB 13,630 per tonne. The prices were up close to RMB 50 per tonne from Friday, December 21.
Compared to the previous week, aluminium prices were higher which eroded purchasing enthusiasm among large buyers.
Most transactions in Guangdong were heard at RMB 13,780 per tonne to RMB 13,790 per tonne.
While sellers in Guangdong were keen to cash in the last week of 2018, traders and downstream consumers stood on sidelines. Thus, the trading activities were thin.
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