SHANGHAI, Aug 29 (SMM) – Spot aluminium traded briskly in east China on Wednesday August 29 even as prices surged, SMM learned.
High prices deterred downstream consumers from purchases.
The SHFE September contract traded rangebound in the morning after its overnight gain.
Most transactions in Shanghai were heard at 14,820-14,840 yuan/mt with discounts of 70-50 yuan/mt against the September contract. Wuxi and Hangzhou saw transactions at 14,820-14,840 yuan/mt.
Trades in the south were less brisk. While traders remained bullish on prices, they were keen to lower prices when making purchases. High prices also deterred downstream consumers in south China.
Most transactions in Guangdong were heard at 14,640-14,660 yuan/mt a the Guangdong-Shanghai price spread of 120 yuan/mt.
Processing fees for aluminium billet in Guangdong changed little. Fees for 90 mm were heard at 300-340 yuan/mt with those for 110/120 mm at 280-320 yuan/mt and those for 150/178 mm at 280-320 yuan/mt.