SHFE Aluminium Fell after Surging, Spot Premiums of Aluminium Ingot Stabilising in East China Market

SHANGHAI, May 30 (SMM) - SHFE aluminium 2207 contract rushed high to 20,800 yuan/mt, but then fell to 20,700 yuan/mt in the early trading.

In the spot market, spot prices were stable in east China today at flat. In central China(Gongyi) area, spot premiums of aluminium ingot stood at 10 yuan/mt over quotations of SMMA00 aluminium ingot. Spot premiums and discounts remained stable. However, market transactions were modest today, and traders were not active in restocking as the Dragon Boat Festival holiday approaches and they mostly purchased on rigid demand. Today, according to SMM data, the total inventory of aluminium fell to 923,000 mt, down 14,000 mt from May 26.