Chalco purchases bolster spot aluminium trades in east China

Published: Mar 4, 2019 14:37

Save

Spot discounts in Shanghai came in at 60-50 yuan/mt, wider than on Friday morning

SHANGHAI, Mar 4 (SMM) – Spot aluminium markets in east China started the week with brisk trades as high purchasing prices offered by aluminium giant Chalco, fuelled trading enthusiasm across the market.

Spot deals mostly occurred at 13,610-13,630 yuan/mt in Shanghai on Monday March 4, up over 70 yuan/mt from Friday morning. The front-month March aluminium contract on the Shanghai Futures Exchange climbed from last Friday.

Against the SHFE 1903 contract, spot discounts in Shanghai came in at 60-50 yuan/mt, wider than 50-40 yuan/mt on Friday morning.

Purchasing prices offered by the Aluminum Corp of China, Chalco, stood close to 40 yuan/mt higher than most traded prices earlier in the morning trading hours. The aluminium giant purchased about 3,000 mt of spot aluminium across the eastern markets this morning.

While Chalco also purchased close to 3,000 mt of spot aluminium in southern markets, trades there weakened from last Friday as higher prices sidelined downstream buyers.

Spot trades mostly occurred at 13,660-13,670 yuan/mt in Guangdong this morning, and the spread with prices in Shanghai widened to 50 yuan/mt.

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

1 hour 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.

1 hour 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.

1 hour 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.

1 hour ago