China¡¯s eastern spot aluminium markets waned as future prices drop; ingot price extends plunge

Shanghai Metals Market research found purchasing enthusiasm among downstream consumers of spot aluminium across east China waned as prices of futures declined in late morning trading.

The SHFE 1812 contract declined in late morning trade after it moved in a tight range in earlier trading hours.

Spot discounts in Shanghai stood at RMB40-30 per tonne. Most transactions were done at RMB 13,720-13,730 per tonne in Shanghai and Wuxi and RMB 13,730-13,750 per tonne in Hangzhou.

Sellers across eastern markets remained keen to offload their cargoes and transactions between traders were brisk. Downstream consumers purchased on demand when futures prices held relatively stable.

In another update from SMM, the A00 aluminium ingot price today, on November 21, plunged by RMB 20 per tonne to stand at RMB 13720 per tonne. The average prices are expected to range between RMB 13,700 per tonne and RMB 13,740 per tonne, with spot discounts to settle at RMB 60 per tonne to RMB 20 per tonne.

The price in the east China dropped by RMB 10 per tonne and stood at RMB 13,715 per tonne. The price is expected to range between RMB13710 per tonne and RMB13720 per tonne.

The prices in the south stood at RMB 13810 per tonne, down by RMB 20 per tonne. But, the price in the north rose by RMB 25 per tonne to stand at RMB 13745 per tonne today. The price is expected to range between RMB 13740 per tonne and RMB 13750 per tonne.

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