SHANGHAI, May 4 (SMM) – Aluminium spot trading across east and south China was brisk on the morning of Friday May 4 as downstream consumers stockpiled for the upcoming weekend, SMM learned.
The SHFE 1805 contract closed 40 yuan/mt higher at 14,530 yuan/mt in the morning session.
For cargoes with May invoices, transactions in Shanghai were mostly heard at 14,450-14,470 yuan/mt with discounts at 60-50 yuan/mt against the SHFE 1805 contract. Transactions in Wuxi and Hangzhou were done at 14,450-14,470 yuan/mt and 14,470-14,490 yuan/mt, respectively. Despite sufficient supplies, prices stayed firm as traders maintained their active buying as the previous day. Downstream consumers stockpiled for the weekend. The overall trading in east China was brisk.
Meanwhile, the Guangdong market also saw active trading. Aluminium producers were keen to offload their cargoes, while downstream consumers actively stockpiled for the weekend. Cargoes with May invoices mostly traded at 14,510-14,520 yuan/mt with a Guangdong-Shanghai price spread of about 50 yuan/mt.
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