SHANGHAI, May 9 (SMM) – Trades in the spot aluminium market were thin on the morning of Wednesday May 9 as buyers were cautious about procurement given the uncertainty of prices in the future, SMM learned.
The SHFE 1805 contract regained some of last night’s losses in the morning.
In east China, for cargoes with May invoices, transactions were mostly heard at 14,530-14,540 yuan/mt with discounts of 30-20 yuan/mt against the SHFE 1805 contract. Transactions in Wuxi and Hangzhou were done at 14,530-14,540 yuan/mt and 14,560-14,580 yuan/mt, respectively. Despite the slightly wider spot discounts and ample supplies, traders purchased cautiously while downstream consumers purchased on demand.
In the Guangdong market, cargoes with May invoices were mostly done at 14,580-14,590 yuan/mt with Guangdong-Shanghai price spreads at around 50 yuan/mt. Although sellers were keen to offload their cargoes, buyers held back as traders were uncertain about future prices and as downstream processors did not receive many orders.
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