SHANGHAI, Nov 20 (SMM) – Purchasing enthusiasm among downstream consumers across China’s eastern spot aluminium markets waned after prices of futures declined in late morning trading, SMM research found.
The SHFE 1812 contract declined in late morning trade after it moved in a tight range in earlier trading hours.
Spot discounts in Shanghai were heard at 40-30 yuan/mt. Most transactions were done at 13,720-13,730 yuan/mt in Shanghai and Wuxi and 13,730-13,750 yuan/mt in Hangzhou.
Sellers across eastern markets remained keen to offload their cargoes and transactions between traders were brisk. Downstream consumers purchased on demand when futures prices held relatively stable. They held back from purchasing when prices fell.