SHANGHAI, Aug 14 (SMM) – Spot aluminium trades in east China improved in the morning of Wednesday August 14, as prices pulled back.
With the front-month aluminium contract on the Shanghai Futures Exchange rangebound, spot transactions were done at 14,150-14,170 yuan/mt in Shanghai and Wuxi in morning trade, down 80 yuan/mt from the prior morning. The spot prices came in in premiums of a maximum of 20 yuan/mt over the SHFE 1908 contract.
Spot aluminium was traded at 14,160-14,170 yuan/mt in Hangzhou.
Purchases of over 10,000 mt by a major trader bolstered trades across eastern markets, while downstream consumers remained cautious about procurement, as prices still stayed at highs.
Traded prices in Guangdong came in similar to those in Shanghai, and stood at 14,150-14,160 yuan/mt.
Spot transactions across southern markets failed to improve from Tuesday morning, as traders and downstream consumers exercised caution.