Chinese spot aluminium premiums further widened this morning; Transactions remained brisk

According to Shanghai Metals Market, spot aluminium premiums in Shanghai further widened this morning, on March 19, ahead of a value-added tax cut from next month.

Transactions of spot aluminium in Shanghai were mostly heard at RMB 13,880 per tonne to RMB 13,890 per tonne, up by some RMB 90 per tonne from the previous day. Premiums over the front-month April contract on the Shanghai Futures Exchange came in at RMB 240 per tonne to RMB 250 per tonne, wider than RMB 220 per tonne to RMB 230 per tonne on Monday, March 18.

In Wuxi, spot deals mostly occurred at RMB 13,880 per tonne to RMB 13,890 per tonne while that in Hangzhou at RMB 13,890 per tonne to RMB 13,910 per tonne.

Spot aluminium trades across eastern markets were brisk this morning as the imminent tax cuts triggered purchasing interest among primary aluminium traders and downstream consumers. Higher prices from the previous day also improved willingness among traders. 

Across the southern markets, transactions among traders improved from the prior day while purchasing interest among downstream consumers remained moderate.

Deals in Guangdong mostly occurred at RMB 13,860 per tonne to RMB 13,870 per tonne this morning.

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