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.