SHANGHAI, May 10 (SMM) – Overall trading across spot aluminium markets in east and south China turned active on Thursday May 10 as downstream consumers stepped up procurement, SMM learned.
The SHFE 1805 contract rose to a high of 14,545 yuan/mt from a low of 14,500 yuan/mt in the morning.
In east China, cargoes with May invoices mostly traded at 14,500-14,520 yuan/mt with discounts of 20-10 yuan/mt against the SHFE 1805 contract. Transactions in Wuxi and Hangzhou were heard at 14,500-14,520 yuan/mt and 14,520-14,540 yuan/mt, respectively.
While traders purchased cautiously, downstream consumers purchased more actively than the previous day, which bolstered the trading activity slightly.
In Guangdong, most transactions of cargoes with May invoices were heard at 14,510-14,540 yuan/mt with Guangdong-Shanghai price spread at around 20 yuan/mt.
Downstream consumers purchased actively for the upcoming weekend, with one buyer procuring over 4,000 mt today amid ample supplies. Overall trading in south China was brisk.
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