SHANGHAI, May 28 (SMM) – Trading picked up in the spot aluminium market in east China on Monday May 28 as rising prices of futures fuelled the purchasing enthusiasm of traders and downstream consumers, SMM learned.
The SHFE 1806 contract climbed to a high of 14,775 yuan/mt in the morning.
In east China, transactions were mostly heard at 14,680-14,690 yuan/mt in Shanghai with discounts of 70-60 yuan/mt against the SHFE 1806 contract. In Wuxi and Hangzhou, transactions were at 14,680-14,690 yuan/mt and 14,700-14,720 yuan/mt, respectively.
In Guangdong, transactions were mostly heard at 14,740 yuan/mt with Guangdong-Shanghai price spreads of around 50 yuan/mt. Transactions between traders were active as prices of futures performed strongly and as a major aluminium plant continued procurement. Downstream consumers purchased on demand.
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