SHANGHAI, Aug 20 (SMM) – Spot aluminium trades in east China improved in the morning of Tuesday August 20, as sharply higher prices grew offloading willingness among sellers. But overall trades were limited by cautious purchases from downstream consumers.
With a premium of 10-20 yuan/mt over the SHFE 1909 contract, spot deals were done at 14,370-14,390 yuan/mt in Shanghai and Wuxi in early morning, up about 100 yuan/mt from Monday morning.
A major trader made purchases at around 14,000 yuan/mt, while traded prices were heard at 14,390-14,400 yuan/mt in Hangzhou.
Traded prices fell to 14,370-14,380 yuan/mt in Shanghai and Wuxi, with a premium of a maximum of 20 yuan/mt over the SHFE 1909 contract, as prices of the futures contract edged down after CST 10:30.
Transactions between traders weakened after prices slipped, as sellers held back from offloading cargoes.
Overall trades across southern markets performed similarly to eastern markets, as traders maintained brisk transactions and as downstream consumers purchased on demand.
In Guangdong, spot deals were mostly done at 14,390-14,400 yuan/mt, some 10 yuan/mt higher than Shanghai prices.
