SHANGHAI, May 3 (SMM) – China's aluminium spot market saw more active trading in Shanghai, Hangzhou, and Wuxi on Thursday May 3 as traders were eager to stockpile. Transactions in Guangdong were flat due to sluggish downstream demand, SMM learned.
For cargoes with May invoices, transactions in Shanghai were mostly heard at 14,400-14,410 yuan/mt with discounts of 50-40 yuan/mt against the 1805 contract. This compared with discounts of 30-20 yuan/mt on the previous day.
Transactions in Wuxi and Hangzhou were mostly heard at 14,400-14,410 yuan/mt and 14,420-14,440 yuan/mt, respectively. Most transactions came from traders. Downstream demand remained at low levels.
Guangdong saw relatively quieter trading as adequate supplies held back buyers. Cargoes with May invoices mostly traded at 14,440-14,450 yuan/mt with a Guangdong-Shanghai price spread of 40 yuan/mt.
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