Large purchases improve spot aluminium trades-Shanghai Metals Market

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Large purchases improve spot aluminium trades

Price Review & Forecast 01:32:56PM Feb 13, 2019 Source:SMM

SHANGHAI, Feb 13 (SMM) – Spot aluminium transactions across eastern and southern markets in China further improved from the previous day, on Wednesday February 13, bolstered by large purchases and as some downstream consumers resumed from CNY closures.

The front-month aluminium contract on the Shanghai Futures Exchange came off from earlier highs on Wednesday morning. Spot discounts in Shanghai were heard at 30-10 yuan/mt against the SHFE 1902 contract, narrower from the previous morning.

Spot transactions occurred at 13,290-13,310 yuan/mt in Shanghai, Wuxi and Hangzhou, some 20 yuan/mt up from the previous morning. A buyer procured close to 9,000 mt of spot aluminium in the eastern markets this morning.

Spot transactions occurred at 13,320-13,330 yuan/mt in Guangdong with a further smaller Guangdong-Shanghai price spread of 30 yuan/mt.

Aluminum Corporation of China Limited (Chalco) purchased about 7,000 mt of spot aluminium in the southern markets this morning.

As aluminium processing plants in Guangdong have yet to return from holidays, trades between traders accounted for the majority of trading activities in Guangdong.

Key Words:  Market commentary   Aluminium 

Large purchases improve spot aluminium trades

Price Review & Forecast 01:32:56PM Feb 13, 2019 Source:SMM

SHANGHAI, Feb 13 (SMM) – Spot aluminium transactions across eastern and southern markets in China further improved from the previous day, on Wednesday February 13, bolstered by large purchases and as some downstream consumers resumed from CNY closures.

The front-month aluminium contract on the Shanghai Futures Exchange came off from earlier highs on Wednesday morning. Spot discounts in Shanghai were heard at 30-10 yuan/mt against the SHFE 1902 contract, narrower from the previous morning.

Spot transactions occurred at 13,290-13,310 yuan/mt in Shanghai, Wuxi and Hangzhou, some 20 yuan/mt up from the previous morning. A buyer procured close to 9,000 mt of spot aluminium in the eastern markets this morning.

Spot transactions occurred at 13,320-13,330 yuan/mt in Guangdong with a further smaller Guangdong-Shanghai price spread of 30 yuan/mt.

Aluminum Corporation of China Limited (Chalco) purchased about 7,000 mt of spot aluminium in the southern markets this morning.

As aluminium processing plants in Guangdong have yet to return from holidays, trades between traders accounted for the majority of trading activities in Guangdong.

Key Words:  Market commentary   Aluminium