Early drop in aluminium prices lead to unenthusiastic cargoes offloading by sellers: SMM

Shanghai Metals Market research found that spot aluminium sellers across south-China markets showed reluctance this morning, on November 27, in offloading cargoes as future aluminium prices fell in early trade.

Both traders and downstream consumers were cautious in making purchases because of which the overall trades across the southern markets remained thin, SMM found.

The SHFE 1812 contract declined in early morning trade while the most spot transactions in Guangdong were found at RMB 13,730 per tonne to RMB 13,740 per tonne, with Guangdong-Shanghai spread narrowed to RMB 40 per tonne.

Spot transactions in Shanghai, on the other hand, were done at RMB 13,700 per tonne to RMB 13,710 per tonne with discounts at RMB 50 per tonne to RMB 40 per tonne against the SHFE 1812 contract, compared to RMB 60 per tonne to RMB 50 per tonne in the previous day. Transactions in Wuxi were also heard at RMB 13,700 per tonne to RMB 13,710 per tonne same as that of Shanghai while that in Hangzhou were at RMB 13,730 per tonne to RMB 13,750 per tonne.

In contrast to this, the sellers across eastern markets were keen to offload cargoes given the cash flow issues ahead of month-end. However, the transactions among traders remained brisk. Downstream consumers also made purchases but in accordance with demand.

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