SHANGHAI, Jul 23 (SMM) – Spot aluminium across east and south China traded briskly in the morning of Tuesday July 23, as two consecutive days of declines in prices improved purchasing interest among traders and downstream consumers.
The August aluminium contract on the Shanghai Futures Exchange traded rangebound in early morning trade, failing to recover from overnight losses and on the course for a two-day losing streak.
This, with a smaller discount of a maximum of 10 yuan/mt, lowered prices of spot deals in Shanghai and Wuxi by about 50 yuan/mt from Monday morning to 13,790-13,800 yuan/mt.
Traded prices in Shanghai and Wuxi dipped to 13,780-13,790 yuan/mt, and trades weakened after prices of futures eased later in the morning.
Spot trades in Hangzhou occurred at 13,790-13,810 yuan/mt this morning.
The major trader continued its procurement across eastern markets this morning, which kept overall trades brisk. Trades across eastern markets improved just moderately from the previous morning after downstream consumers restocked previously.
Active buyers, however, significantly improved trades across southern markets this morning. Spot transactions in Guangdong occurred at 13,770-13,780 yuan/mt, with a discount of 10 yuan/mt against Shanghai prices.