SHANGHAI, May 17 (SMM) – Downstream aluminium processors in east China held back from purchasing on Thursday May 17, given poor orders, SMM learned. The SHFE 1806 contract climbed in the morning to a high of 14,845 yuan/mt.
In east China, processors made few purchases as they received fewer orders than processors in south and central China. Meanwhile, processors in Guangdong, in south China, purchased on demand with stable orders and some stockpiled for the upcoming weekend.
Smelters in east and south China were keen to offload their cargoes. Trading in east China was thin but brisk in Guangdong.
For cargoes with May invoices, transactions were mostly heard at 14,720-14,740 yuan/mt in Shanghai, with discounts of 90-80 yuan/mt against the SHFE 1806 contract. Transactions in Wuxi and Hangzhou were mostly done at 14,720-14,740 yuan/mt and 14,750-14,760 yuan/mt, respectively.
Transactions in Guangdong were mostly heard at 14,740-14,760 yuan/mt with Guangdong-Shanghai price spreads around 20 yuan/mt.
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