SHFE Aluminium Moving Downwards, The Market Purchased Aluminium Ingot Spot on Rigid Demand

SHANGHAI, May 24 (SMM) -

LME aluminium fell by more than 2% while SHFE aluminium dropped to 20,400 yuan/mt in the late trading. SHFE aluminium moved in the range of 20,400-20,550 yuan/mt in the morning trading.

In the spot market, spot prices in east China maintained a discount of 10 yuan/mt. The downward movement of futures contract prices did not make a impact on the market spot, with the market remaining unchanged. In central China (Gongyi), spot prices rebounded slightly and spot prices of SMMA00 aluminium quoted at premiums of 10 yuan/mt, up 10 yuan/mt compared with yesterday and some traders quoted at a premium of 20 yuan/mt. The downstream rigid demand in Gongyi supported the spot premiums with less arrivals in central China. It is known that although arrivals increased to normal levels later, it made a limited impact on the market.