Aluminium users step up purchases as prices fall

Published: Aug 21, 2019 14:05

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Spot deals were done at 14,320-14,340 yuan/mt in Shanghai in early morning trade, down 50 yuan/mt from Tuesday morning

SHANGHAI, Aug 21 (SMM) – Aluminium users showed stronger purchasing interest across eastern and southern spot markets on the morning of Wednesday August 21, as prices pulled back and as they were optimistic about the future market.

With a premium of up to 10 yuan/mt over the SHFE 1909 contract, spot deals were mostly done at 14,320-14,340 yuan/mt in Shanghai and Wuxi in early morning trade, down some 50 yuan/mt from Tuesday morning, while traded prices were heard at 14,340-14,360 yuan/mt in Hangzhou.

Traded prices in Shanghai and Wuxi rose to 14,340-14,350 yuan/mt, after prices of the futures contract climbed.

Despite greater purchases by downstream consumers, overall trades across eastern markets failed to improve this morning, limited by tight availability and die-hard sellers.

The southern markets saw brisker trades, bolstered by active transactions between traders.

Traded prices in Guangdong came in similar to Shanghai prices, at 14,330-14,340 yuan/mt before rising to 14,340-14,350 yuan/mt.

Market commentary Aluminium

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