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