SHANGHAI, May 23 (SMM) – Traded prices of spot aluminium in east and south China lost about 100 yuan/mt on Wednesday May 23, compared to the previous day, SMM learned. Volatile prices deterred downstream consumers from purchasing.
The SHFE 1806 contract fell to a low of 14,525 yuan/mt in the morning.
In east China, transactions in Shanghai were mostly heard at 14,490-14,500 yuan/mt with discounts of 80-70 yuan/mt against the SHFE 1806 contract. Transactions in Wuxi and Hangzhou were done at 14,490-14,500 yuan/mt and 14,500-14,520 yuan/mt, respectively. While there were more transactions than yesterday, overall trading turned thin as downstream consumers took on a watch-and-wait stance.
In Guangdong, transactions were mostly heard at 14,500-14,520 yuan/mt with Guangdong-Shanghai price spreads at about 10 yuan/mt. Despite relatively limited deliveries, sellers remained keen to offload their cargoes.Volatile prices of aluminium also kept downstream consumers in Guangdong on the sidelines.
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