Dips in aluminium prices improve downstream purchasing enthusiasm

SHANGHAI, Dec 12 (SMM) – Purchasing enthusiasm among spot aluminium downstream consumers across east-China markets improved from the previous day on the morning of Wednesday December 12 as prices dipped, SMM research found.

The SHFE December contract inched down during morning trades. Spot premiums in Shanghai remained unchanged, at up to 10 yuan/mt. Transactions were mostly heard at 13,530-13,540 yuan/mt in Shanghai and Wuxi and 13,570-13,580 yuan/mt in Hangzhou. Traded prices lost some 60 yuan/mt from the prior day.

Across the eastern markets, sellers were keen to offload cargoes to lower stocks, and trades between traders remained brisk.

In Guangdong, most spot transactions were heard at 13,650-13,680 yuan/mt with Guangdong-Shanghai spreads of 140 yuan/mt. The Aluminum Corporation of China Limited (Chalco) made large purchases today, at 13,680 yuan/mt.