SHANGHAI, Nov 22 (SMM) – Downstream consumers of primary aluminium remained cautious in making purchases across east-China markets on Thursday November 22 given the recent volatility in prices, SMM research found.
The SHFE 1812 contract inched up in morning trade. Spot discounts in Shanghai were heard at 40-30 yuan/mt against the SHFE 1812 contract, slightly narrower than 50-40 yuan/mt in the previous day.
Most transactions were done at 13,740-13,760 yuan/mt in Shanghai and Wuxi and 13,760-13,780 yuan/mt in Hangzhou.
Across eastern markets, sellers remained keen to offload their cargoes. The narrowed backwardation structure between the December and January contracts eroded purchasing enthusiasm among traders.
Overall trades across the markets were poorer than the previous day.