SHFE Aluminium Hovered at a High level with Spot Premiums Falling

Published: May 23, 2022 16:36

Source: SMM

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Last week, SHFE aluminium rose to 20,800 yuan/mt and hovered at a high level when opened on Monday, moving between 20,800-21,000 yuan/mt.

SHANGHAI, May 23 (SMM) - Last week, SHFE aluminium rose to 20,800 yuan/mt and hovered at a high level when opened on Monday, moving between 20,800-21,000 yuan/mt. The downward trend of aluminium ingot inventory supported the upward momentum of the prices. According to SMM data, aluminium ingot inventory stood at 941,000 mt, down 24,000 mt from May 19, with stocks in Wuxi and Gongyi decreasing sharply.

In the spot market, the spot prices stood at discounts of 10 yuan/mt in east China with modest transactions in the market. The spot discounts fell in Gongyi market, while the spot discount of SMMA00 aluminium ingot stood at 20 yuan/mt in the early trading, then the discounts moved around 30-40 yuan/mt. Market transactions slowed down compared to last Friday. Producers mainly purchased on rigid demand and the prices hovered at a high level, while the downstream was less active in taking in goods.

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