Sellers hold back in east China spot aluminium market

SHANGHAI, May 29 (SMM) – Sellers in the spot aluminium market in east China were more hesitant in offloading their cargoes on Tuesday May 29, SMM learned. Supply was less than the previous day and spot discounts slightly narrowed.

The SHFE 1806 contract touched a low of 14,660 yuan/mt on Tuesday morning.

In Shanghai, transactions were mostly heard at 14,640-14,650 yuan/mt with discounts of 60-50 yuan/mt to the SHFE 1806 contract, compared to discounts of 70-60 yuan/mt in the previous day. Transactions in Wuxi and Hangzhou were done at 14,640-14,650 yuan/mt and 14,660-14,680 yuan/mt, respectively. Downstream consumers in east China purchased on demand.

In Guangdong, transactions were mostly heard at 14,690-14,710 yuan/mt with Guangdong-Shanghai price spreads barely changed at around 50 yuan/mt. Sellers in south China turned relatively keen to offload their cargoes while downstream consumers continued to purchase on demand. The overall trading in south China was slightly thinner than the previous day.

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