Spot aluminium discounts narrow in east China markets

On Thursday February 28, as updated by Shanghai Metals Market, spot aluminium discounts narrowed in east-China markets as prices of futures dropped. The front-month March aluminium contract on the Shanghai Futures Exchange weakened in the morning.

In Shanghai, spot discounts were heard at RMB50 per tonne to RMB30 per tonne against the SHFE 1903 contract, and trades between traders were brisk. Spot discounts narrowed to RMB30 per to RMB20 per tonne after SHFE aluminium saw losses accelerate in the second part of the morning session, and this eroded buying interest among traders.

Spot deals mostly occurred at RMB13,600 per tonne to RMB13,620 per tonne in Shanghai and Wuxi, and at RMB13,600 per tonne to RMB13,610 per tonne in Hangzhou, SMM research found.

In Guangdong, spot trades this morning were mostly done at RMB13,610 per tonne to RMB13,620 per tonne, and the spread with prices in Shanghai came in at RMB10 per tonne.

Sellers’ firm offers and smaller purchases by the Aluminum Corp of China thinned out trades between traders in southern markets.In Guangdong, downstream consumers continued to take a wait-and-see stance or purchase just on demand. Overall trades in southern markets were tepid this morning.

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