SHANGHAI, Apr 24 (SMM) – Aluminium prices across China’s spot markets slumped on Tuesday April 24 as sellers were keen to offload their cargoes, SMM learned.
The SHFE 1805 contract inched up slightly in the morning after it plunged close to 500 yuan/mt overnight.
Transactions in the Shanghai market were mostly heard at 14,470-14,490 yuan/mt with premiums at 40-50 yuan/mt against the 1805 contract. Transactions in Wuxi and Hangzhou were mostly heard at 14,470-14,490 yuan/mt and 14,510-14,530 yuan/mt, respectively. Cargoes with invoices for next month were offered 40-50 yuan/mt lower than those with invoices for this month. Offers with warehouse warrants were heard at premiums of 80 yuan/mt.
In the Guangdong market, cargoes with invoices for this month were mostly traded at 14,490-14,500 yuan/mt while those with invoices for next month traded at 14,470 yuan/mt. The Guangdong-Shanghai price spread remained at 10 yuan/mt.
The overall trading in east China turned thinner compared to yesterday as brokers and downstream consumers took a watch-and-wait approach. Meanwhile, trading in south China was decent as brokers and traders purchased when prices dipped.
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