Poor Demand Turns Spot Aluminium Spread Into Discount

SMM reported that spread between Shanghai traded prices of spot aluminium and the July contract on the Shanghai Futures Exchange flipped into a discount of up to CNY 10 per tonne on June 27, from a firm premium seen in previous weeks. This was because month-end and mid-year financial settlement drove traders to scale back purchases, and as downstream consumers continued to purchase just on demand.

Spot trades occurred between CNY 13,910 to CNY 13,920 per tonne in Shanghai and Wuxi earlier in the morning, before a sharpened oversupply weighed prices to 13,890-13,900 yuan/mt in Shanghai and CNY 13,900 to 13,920 per tonne in Wuxi.

Traded prices were heard at CNY 13,940 to 13,960 per tonne in Hangzhou this morning.

Deals occurred at CNY 13,980 to 13,990 per tonne in Guangdong, with the spread with Shanghai prices at CNY 70 per tonne.

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