
Spot aluminium trades weakened across east-China markets on Wednesday, February 20, as prices of aluminium increased.
Spot deals mostly occurred at RMB13,380 to RMB13,390 per tonne in Shanghai and Wuxi, and at RMB13,380 per tonne to RMB13,400 per tonne in Hangzhou, Shanghai Metals Market research found. Traded prices were up more than RMB30 per tonne from the previous morning.
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In Shanghai, spot discounts were at RMB70 per tonne to RMB60 per tonne against the SHFE March contract.
While sellers remained keen to offload cargoes, trades shrank as Chalco did not make purchases in eastern markets this morning.
In Guangdong, spot deals occurred at RMB13,440 per tonne to RMB 13,450 per tonne, and the spread with prices in Shanghai came in at RMB60 per tonne. The Aluminum Corp of China (Chalco) purchased 2,600 tonnes of spot aluminium in Guangdong on February 20.
Processors in Guangdong have made few purchases this week after returning from holidays. Trades between traders accounted for the majority of trading activities across southern markets.
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