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26 FEBRUARY 2019 AL CIRCLE

Spot aluminium transactions by downstream consumers rise over the weekend: SMM

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

Shanghai Metals Market found improved spot aluminium buying interest among downstream consumers in south China yesterday, February 26, compared with the previous week. With this, spot aluminium deals among traders accounted for the majority of trading activities in the southern markets.

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The front-month SHFE March contract rose from last Friday, after the US President Donald Trump announced a postponement of a March 1 decline for additional tariffs on Chinese goods.

In Shanghai and Wuxi, spot deals mostly occurred at RMB 13,580 per tonne to RMB 13,590 per tonne while that in Hangzhou at RMB 13,570 per tonne to RMB 13,590 per tonne, SMM research found. Spot discounts in Shanghai stood at RMB 80 per tonne to RMB 70 per tonne against the SHFE 1903 contract, barely changed from Friday morning.

In Guangdong, on the other hand, spot trades were mostly done at RMB 13,630 per tonne to RMB 13,640 per tonne this morning, with Shanghai-Guangdong price spread at RMB 50 per tonne.

Amidst the rising market, buying willingness among downstream consumers in eastern markets improved. Overall trades in eastern markets were brisk today.

Tagged with:

Aluminium SMM Price China Market

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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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