SHANGHAI, Apr 26 (SMM) – China’s spot aluminium market continued to see thin trades on Thursday April 26, SMM learned. The SHFE 1805 contract traded rangebound in the morning.
For cargoes with invoices for April, transactions in the Shanghai market were mostly heard at 14,340-14,360 yuan/mt with premiums of 20-30 yuan/mt against the 1805 contract.
Transactions in Wuxi and Hangzhou were mostly heard at 14,340-14,360 yuan/mt and 14,370-14,390 yuan/mt, respectively. Cargoes with invoices for May traded at 14,310-14,330 yuan/mt in Shanghai and Wuxi with premiums of 0-10 yuan/mt against the 1805 contract. The price spreads between cargoes with invoices for April and May narrowed 20 yuan/mt today.
Sellers in east China saw stable shipments while brokers purchased cautiously. Downstream consumers began stockpiling for the Labour Day holiday.
In the Guangdong market, cargoes with invoices for April mostly traded at 14,340-14,350 yuan/mt while those with invoices for May traded at 14,380-14,390 yuan/mt. Guangdong prices remained flat from Shanghai prices.
With weak futures and spot prices, sellers in Guangdong held back from selling in anticipation of higher prices. Meanwhile, brokers and downstream consumers adopted a watch-and-wait approach. Trading was lacklustre in Guangdong.
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