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13 FEBRUARY 2019 AL CIRCLE

Spot aluminium transactions grow across east and south China on improved downstream purchases

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, large purchases among downstream consumers today, on February 13, have bolstered further improvements in spot aluminium transactions across east and south China markets. This could be possible as many downstream consumers have resumed work from the Chinese New Year holiday, SMM found.

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The front-month aluminium contract on the Shanghai Futures Exchange came off from earlier highs this morning. Spot discounts in Shanghai were seen at RMB 30 per tonne to RMB 10 per tonne against the SHFE 1902 contract, down from a day ago.

In Shanghai, Wuxi and Hangzhou, spot transactions were heard at RMB 13,290 per tonne to RMB 13,310 per tonne, RMB 20 per tonne higher than the previous morning. A buyer procured close to 9,000 tonnes of spot aluminium in the eastern markets this morning.

In Guangdong, on the other hand, spot transactions occurred at RMB 13,320 per tonne to RMB 13,330 per tonne with further smaller Guangdong-Shanghai price spread of RMB 30 per tonne.

In Guangdong, since some aluminium processing plants are yet to return from the holiday, majority of trading activities were found happening between traders.

Aluminium Corporation of China Limited (Chalco), the world’s third-largest aluminium producer, purchased about 7,000 tonnes of spot aluminium in the southern markets this morning.

Tagged with:

Aluminium China SMM Price Chalco

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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