SHANGHAI, Nov 2 (SMM) – Spot aluminium discounts across eastern markets expanded on Friday November 2 while sellers held offers firm after prices of futures came off from earlier highs.
The SHFE aluminium contract for November delivery fell below 13,840 yuan/mt after initially climbing to a high of 13,915 yuan/mt in morning trade.
Spot discounts in Shanghai were heard at 50-40 yuan/mt, compared to 40-30 yuan/mt in the previous day. Most transactions were done at 13,790-13,800 yuan/mt in Shanghai and Wuxi and 13,820-13,830 yuan/mt in Hangzhou.
Traders turned keen to purchase as the prices fell in the last three days.