SHANGHAI, Nov 23 (SMM) – Spot aluminium discounts across Shanghai market remained unchanged from the previous day at 40-30 yuan/mt against the SHFE 1812 contract on Friday, SMM research found.
The SHFE 1812 contract inched up in a tight range in morning trade. Most transactions were heard at 13,810-13,830 yuan/mt in Shanghai and Wuxi and 13,840-13,860 yuan/mt in Hangzhou.
Across the eastern markets, sellers turned keen to offload their cargoes on the recent rebounds in aluminium prices as well as cash flow issues by month-end. The narrow spread between the December and January contracts left little arbitrage opportunities for traders and pushed them to the sidelines while gains in aluminium prices eroded purchasing enthusiasm among downstream consumers.
In Guangdong, most transactions were heard at 13,880-13,890 yuan/mt with Guangdong-Shanghai spread at 60 yuan/mt.