Spot aluminium trades in Shanghai up RMB70/t from previous day
As updated by Shanghai Metals Market, aluminium purchasing enthusiasm among traders and downstream consumers across China’s eastern and southern spot markets substantially improved this morning ahead of value-added tax cuts, resulting in brisk trades across the markets.
Spot aluminium in Shanghai mostly traded at RMB13,950 per tonne and RMB13,970 per tonne, an increase of some RMB70 per tonne from the previous. On Tuesday, spot aluminium were traded at RMB13,880 per tonne and RMB13,890 per tonne.
Premiums over the front-month April contract on the Shanghai Futures Exchange stood at RMB240 per tonne and RMB260 per tonne, slightly wider than RMB240 per tonne and RMB250 per tonne on Tuesday, March 19.
In Wuxi, spot deals mostly occurred at RMB13,950 per tonne and RMB13,970 per tonne, while that in Hangzhou at RMB13,960 per tonne and RMB13,980 per tonne. In Guangdong, transactions of spot aluminium were mostly heard at RMB13,950 per tonne and RMB13,970 per tonne.
News of cyber-attack on Hydro smelter lifted LME aluminium overnight; both LME and SHFE are likely to trade higher today
Next articleHydro updates on the status of recent cyber-attack; progress made on securing safe operations
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