SHANGHAI, Jul 2 (SMM) – Trading among traders were active in the spot aluminium market in east China on Monday July 2 as futures prices rebounded before noon, SMM learned.
The SHFE 1807 contract rebounded from a low of 13,885 yuan/mt in the morning. Traders were keen to buy while downstream consumers purchased on demand.
In Shanghai, transactions were mostly heard at 13,930-13,950 yuan/mt with discounts of 70-60 yuan/mt against the SHFE 1807 contract. Transactions in Wuxi and Hangzhou were both done at 13,930-13,950 yuan/mt.
In Guangdong, sellers held back from selling as cash concerns eased at the start of the second half of the year while downstream consumers took a watch-and-wait approach.
Transactions in Guangdong were mostly heard at 14,030-14,040 yuan/mt with Guangdong-Shanghai price spread at about 90 yuan/mt.