SHANGHAI, Dec 27 (SMM) – Spot aluminium sellers in east China held back from offloading their cargoes on Thursday morning as prices of futures dropped.
The SHFE January aluminium contract fell in morning trades. Spot discounts in Shanghai were heard at 80-70 yuan/mt against the SHFE 1901 contract, narrower than 100-90 yuan/mt in the previous day.
Most spot transactions were done at 13,530-13,550 yuan/mt in Shanghai and Wuxi and 13,540-13,550 yuan/mt in Hangzhou. The prices were down some 140 yuan/mt from the prior day.
While drops in prices fuelled purchasing interest among traders, sellers held back from selling their cargoes at relatively low prices. Overall spot aluminium trades across eastern markets were poor today.