SHANGHAI, Nov 14 (SMM) – Brisk transactions between traders and the approaching delivery date expanded spot aluminium premiums in Shanghai on Wednesday November 14, SMM research found.
The SHFE aluminium contract for November delivery pared earlier losses in morning trades.
Premiums stood at 20-30 yuan/mt over the SHFE 1811 contract today, while transactions yesterday mostly occurred between discounts of 10 yuan/mt to premiums of 20 yuan/mt.
Against the January contract, transactions were heard in discounts of 50-40 yuan/mt today.
Most transactions were done in 13,730-13,750 yuan/mt in Shanghai, Wuxi and Hangzhou.
With ample supplies in the markets, traders were keen to make transactions while downstream consumers purchased on demand.