SHANGHAI, Jul 15 (SMM) – Spot aluminium trades across east China improved in the morning of Monday July 15, as downstream consumers restocked after the weekend.
Trades across eastern markets also receive a boost from the procurement of over 10,000 mt by a major trader.
With a discount of up to 10 yuan/mt to a premium of up to 10 yuan/mt against the July aluminium contract on the Shanghai Futures Exchange, spot deals in Shanghai and Wuxi mostly occurred at 13,800-13,820 yuan/mt in early morning trade, up some 80 yuan/mt from Friday morning.
Trades weakened after quotes followed futures higher to 13,830-13,850 yuan/mt. This was in premium of a maximum of 10 yuan/mt over the SHFE 1907 contract and up over 100 yuan/mt from Friday morning.
The southern markets also saw brisker spot aluminium trades this morning, as traders were keen to purchase on the last trading day of the SHFE 1907 contract.
Traded prices in Guangdong were mostly heard at 13,820-13,830 yuan/mt before climbing to 13,840 yuan/mt.