SHANGHAI, Feb 20 (SMM) – In the morning of Wednesday February 20, spot aluminium trades across east-China markets weakened from the previous day as prices of aluminium climbed.
Spot deals mostly occurred at 13,380-13,390 yuan/mt in Shanghai and Wuxi, and 13,380-13,400 yuan/mt in Hangzhou, SMM research found. Traded prices were up more than 30 yuan/mt from the previous morning.
Spot discounts in Shanghai stood at 70-60 yuan/mt against the SHFE March contract, unchanged from Tuesday morning.
While sellers remained keen to offload cargoes, trades shrank from the previous days as aluminium giant, the Aluminum Corp of China (Chalco), did not make purchases in eastern markets this morning.
Spot deals were mostly done at 13,440-13,450 yuan/mt in Guangdong this morning, and the spread with prices in Shanghai came in at 60 yuan/mt.
Chalco purchased 2,600 mt of spot aluminium in Guangdong this morning.
While most processors in Guangdong have returned from holidays, they made few purchases this week. Trades between traders accounted for the majority of trading activities across southern markets.