Price decline, weekend stockpiling bolster spot aluminium trades in east China

Published: Mar 1, 2019 14:37

Save

Spot discounts were heard at 50-40 yuan/mt when prices of futures stabilised in the second part of the morning session

SHANGHAI, Mar 1 (SMM) – Spot aluminium trades in east China were brisk in the morning of Friday March 1 as lower prices and the upcoming weekend improved purchasing willingness among traders and downstream consumers.

Spot deals mostly occurred at 13,540-13,550 yuan/mt in Shanghai, down over 60 yuan/mt from Thursday morning. The front-month March aluminium contract on the Shanghai Futures Exchange fell from the previous day.

Against the SHFE 1903 contract, spot discounts in Shanghai narrowed from 80 yuan/mt to 40 yuan/mt in the first part of the morning session, as prices of futures dropped. Spot discounts were heard at 50-40 yuan/mt when prices of futures stabilised in the second part of the morning session.

Spot trades were mostly done at 13,550-13,560 yuan/mt in Guangdong this morning, and the spread with prices in Shanghai further barely changed at 10 yuan/mt.

The Aluminum Corp of China did not make public purchases in eastern or southern markets this morning.

Market commentary Aluminium

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

US-Canada Tariff War Escalates: Retaliatory Measures and Bans on Goods Imposed

The US-Canada tariff war has escalated once again. Canada took the lead in imposing retaliatory tariffs on approximately $20 billion worth of US goods, and the US responded with tough countermeasures: starting September 15, a 50% tariff will be imposed on about 100 categories of Canadian products; starting September 29, imports of certain Canadian motor vehicles and dairy products will be further banned.

2 hours ago

ECB Raises Interest Rates by 25 Basis Points, Signals Further Hikes Amid Inflation Concerns

The European Central Bank announced a 25 basis point hike in all three key interest rates, in line with market expectations. The central bank noted that the Middle East conflict continues to push up inflation, and inflation is expected to remain well above the target level for an extended period. According to people familiar with the matter, ECB officials expect to raise rates further, with the next move possibly coming as soon as October.

2 hours ago

China's Auto Sales Drop 5.1% in August, NEV Sales Surge 17.8% YoY, Exports Up 65.3%

CAAM data shows that in August, China's auto sales were 2.712 million units, down 5.1% YoY. Among them, NEV performance was impressive, with sales reaching 1.643 million units, up 17.8% YoY, accounting for 60.6% of total new vehicle sales. In terms of exports, auto exports in August were 1.01 million units, up 65.3% YoY; NEV exports were 526,000 units, up 1.3x YoY.

2 hours ago