SHANGHAI, Jul 22 (SMM) – Spot aluminium in east China traded briskly in the morning of Monday July 22, as traders and downstream consumers were keen to purchase after prices fell.
The August aluminium contract on the Shanghai Futures Exchange traded rangebound in morning trade after a decline on Friday night. This, with a discount of 20-10 yuan/mt, lowered prices of spot deals in Shanghai and Wuxi by over 60 yuan/mt from Friday morning to 13,830-13,850 yuan/mt.
Spot trades in Hangzhou were done at 13,840-13,860 yuan/mt on Monday morning.
Trades among traders were active across eastern markets, with a major trader purchasing close to 10,000 mt this morning. Downstream consumers, meanwhile, restocked after they held back procurement last week when prices were high.
Downstream consumers across southern markets, however, stood on the sidelines this morning. This resulted in generally poor spot trades across the region, despite active transactions between traders.
Traded prices in Guangdong were heard at 13,800-13,810 yuan/mt before rising to 13,810-13,820 yuan/mt, with discounts against Shanghai prices widening to 30 yuan/mt.