Weekend stockpiling keeps spot aluminium trades brisk

SHANGHAI, May 24 (SMM) – Spot aluminium trades across east and south China remained brisk in the morning of Friday May 24, as downstream consumers stockpiled for the upcoming weekend.

Trades in Shanghai occurred at 14,220-14,240 yuan/mt, up 70 yuan/mt from Thursday morning. The spread relative to the front month June contract on the Shanghai Futures Exchange slightly widened to a premium of 10-20 yuan/mt, compared to a premium of up to 10 yuan/mt yesterday morning.

Spot deals occurred at 14,220-14,240 yuan/mt in Wuxi and 14,250-14,270 yuan/mt in Hangzhou this morning.

Spot aluminium traded at around 14,320 yuan/mt in Guangdong this morning, with the spread with Shanghai prices unchanged at 90 yuan/mt.

A rally in prices fanned selling enthusiasm among sellers, which also helped boost spot aluminium trading activity across eastern and southern markets.