Price decline, weekend stockpiling bolster spot aluminium trades in east China-Shanghai Metals Market

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

Price Review & Forecast 02:37:53PM Mar 01, 2019 Source:SMM

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.

Key Words:  Market commentary   Aluminium 

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

Price Review & Forecast 02:37:53PM Mar 01, 2019 Source:SMM

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.

Key Words:  Market commentary   Aluminium