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21 FEBRUARY 2019 AL CIRCLE

Spot aluminium trades improved on active participation of downstream consumers

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

On Thursday morning, February 21, spot aluminium trades across east China increased from the previous day, found Shanghai Metals Market. Most downstream consumers returned after the middle of the first lunar month and started active trading in the spot aluminium market, resulting in improved trades.  

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In Shanghai and Wuxi, spot deals mostly occurred at RMB 13,420 per tonne to RMB 13,440 per tonne while in Hangzhou at RMB 13,410 per tonne to RMB 13,430 per tonne. Traded prices were up more than RMB 40 per tonne from the previous morning.

The front-month aluminium contract on the Shanghai Futures Exchange also inched up from the previous day. In Shanghai, spot discounts were heard at RMB 60 per tonne to RMB 50 per tonne against the SHFE March contract, slightly narrower than RMB 70 per tonne to RMB 60 per tonne on Wednesday morning

The Aluminium Corporation of China (Chalco) bought about 2000 tonnes of spot aluminium in eastern markets today, though was not enough to deplete inventories held by traders.

In Guangdong, on the other hand, spot deals were mostly seen at RMB 13,480 per tonne this morning, with discounts of RMB 10 per tonne against the SHFE March contract. The spread with prices in Shanghai, however, remained unchanged at RMB 60 per tonne.

Moderate gains in prices eroded trading enthusiasm among traders in southern markets, while purchases by downstream buyers improved.

Tagged with:

Aluminium Price China SMM

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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