Spot aluminium trades remain sluggish as downstream consumers yet to return from CNY
According to Shanghai Metals Market, spot aluminium transactions across eastern and southern China remained poor this morning, the first trading day after the Chinese New Year break. The poor trading occurred primarily because many downstream consumers were not back from the holidays yet.
The front-month aluminium contract on the Shanghai Futures Exchange traded lower in the morning. Spot discounts in Shanghai, against the SHFE 1902 contract, were heard at RMB 60 per tonne to RMB 50 per tonne, in contrast to RMB 30 per tonne to RMB 20 per tonne on the last day February 1, before the SMM went on for the New Year break.
Spot transactions in Shanghai and Wuxi were at RMB 13,260 per tonne to RMB 13,280 per tonne while that in Hangzhou at RMB 13,270 per tonne to RMB 13,290 per tonne. Traded prices lost over RMB 60 per tonne from Friday, February 1.
In Guangdong, on the other hand, spot transactions were seen at RMB 13,320 per tonne, with the Guangdong-Shanghai spread at RMB 50 per tonne.
Primary aluminium inventories grow 13.4% across China on poor spot transactions: SMM
Next articleA00 aluminium ingot price in China shows restraint except at some major markets
Grow with
AL Circle
