East China sees brisk aluminium trading as Chalco purchases almost 10,000 tonnes

Shanghai Metals Market found brisk spot aluminium trading in east China this morning, February 27, as the state-owned Aluminium Corporation of China (Chalco) made purchases close to 10,000 tonnes. In south China, Chalco purchased over 5,000 tonnes.

In Shanghai, Wuxi, and Hangzhou, spot deals were mostly found at RMB 13,620 per tonne to RMB 13,640 per tonne, learned SMM, while traded prices increased by about RMB 30 per tonne from the previous morning.

Spot discounts in Shanghai were narrower than yesterday at RMB 60 per tonne to RMB 40 per tonne, against the front-month March aluminium contract on the Shanghai Futures Exchange. This was because of the aluminium giant’s large purchase as it prompted sellers to raise their offers. Buyers, however, did not feel comfortable with the prices.

In Guangdong, on the other hand, spot trades this morning were mostly done at RMB 13,650 per tonne to RMB 13,660 per tonne, and the spread with prices in Shanghai narrowed to RMB 30 per tonne.

Purchases by downstream consumers improved in Guangdong, albeit by a small margin. Trades between traders still accounted for the majority of trading activities in Guangdong.

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