Spot aluminium trades weaken after prices decline

Published: May 28, 2019 13:57

Save

Traded prices in Shanghai declined about 50 yuan/mt from Monday morning

SHANGHAI, May 28 (SMM) – Spot aluminium trades across east and south China weakened from Monday morning, on the morning of Tuesday May 28 as buyers stood on the sidelines after prices declined.

Trades in Shanghai occurred at 14,280-14,300 yuan/mt, before following prices of futures lower to 14,270-14,290 yuan/mt. This was down about 50 yuan/mt from Monday morning, and narrowed the premium over the front-month June contract on the Shanghai Futures Exchange to 10-20 yuan/mt, from 20-30 yuan/mt in the previous day.

Spot deals occurred at 14,270-14,290 yuan/mt in Wuxi and 14,310-14,330 yuan/mt in Hangzhou this morning.

Spot aluminium traded at 14,370-14,390 yuan/mt in Guangdong this morning, with the spread with Shanghai prices at 100 yuan/mt.

As the month of May draws to a close, cargoes with next-month invoices accounted for the majority of trades.

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 to learn 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

23 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

23 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

23 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

23 hours ago