SHANGHAI, Feb 26 (SMM) – Spot aluminium sellers and buyers in east China were locked in stalemate in the morning of Tuesday February 26 as bullish outlooks drove buyers to hold offers firm while high prices sidelined buyers.
Spot deals mostly occurred at 13,590-13,610 yuan/mt in Shanghai and Wuxi, and 13,600-13,610 yuan/mt in Hangzhou, SMM research found. Traded prices barely changed from the previous morning.
Spot discounts in Shanghai stood at 80-60 yuan/mt against the SHFE 1903 contract, almost flat with Monday morning.
The aluminium giant, the Aluminum Corp of China (Chalco), purchased about 2,000 mt of spot aluminium in eastern markets this morning.
With discounts of 40-30 yuan/mt against the SHFE 1903 contract, spot trades were mostly done at 13,640-13,650 yuan/mt in Guangdong this morning, and the spread with prices in Shanghai narrowed to 40 yuan/mt.
Purchasing interest among downstream consumers in southern markets has not substantially improved yet.