Spot aluminium trades remain brisk as prices rise for 2nd day

SHANGHAI, Aug 28 (SMM) – Spot aluminium traded briskly across east and south China in the morning of Wednesday August 28, as sellers were willing to offload their cargoes and traders were keen to purchase after prices rose for two consecutive days.

With premiums of 20-40 yuan/mt over the SHFE front-month contract for September delivery, spot deals were done at 14,330-14,350 yuan/mt in Shanghai and Wuxi in early morning. This was up 50 yuan/mt from Tuesday morning. Spot aluminium traded at 14,350-14,360 yuan/mt in Hangzhou this morning.

Traded prices in Shanghai and Wuxi followed futures higher to 14,350-14,360 yuan/mt after CST 10:30, while trades weakened.

In Guangdong, traded prices were heard at 14,360-14,370 yuan/mt, before climbing to 14,370-14,390 yuan/mt. Spreads with Shanghai prices steadied at 20 yuan/mt.

Compared to active traders, downstream consumers continued to purchase just on demand.