SHANGHAI, Mar 6 (SMM) – Downstream consumers held back from purchasing spot aluminium in the eastern and southern markets on the morning of March 6 as prices stayed high.
The front-month SHFE aluminium contract traded rangebound in morning trade. Spot deals mostly occurred at 13,680-13,700 yuan/mt in Shanghai, barely changed from Tuesday morning. Transactions in Wuxi and Hangzhou were also mostly heard at 13,680-13,700 yuan/mt.
Against the SHFE 1903 contract, spot discounts in Shanghai came in at 30-10 yuan/mt, narrower than 40-20 yuan/mt on Tuesday morning.
After purchasing over 7,000 mt of spot aluminium in the previous day, the Aluminum Corp of China (Chalco) bought over 5,000 mt in eastern markets this morning.
The price spreads between Guangdong and Shanghai narrowed to zero today with most transactions in the southern market also heard at 13,680-13,700 yuan/mt.
The aluminium giant made small purchases at the price of 13,710 yuan/mt in Guangdong this morning. Trades between traders in Guangdong were also tepid, and traded prices were heard at 13,680-13,690 yuan/mt.