Details of China’s first aluminium tender fail to dampen SHFE price

The aluminium price on the Shanghai Futures Exchange rose for a second consecutive day on Wednesday June 23 even as the Chinese government announced further details of the sell-off of aluminium reserves on its website on June 22.

China’s National Food and Strategic Reserves Administration on June 22 said it will sell 50,000 tonnes of aluminium to the market through tenders in an initial batch in early July.

Tuesday’s announcement had minimal impact on the SHFE’s aluminium price because the bearish sentiment was digested by the market last week when the authorities initially announced its plan to release its aluminium...

Published

Hui Li

June 23, 2021

09:15 GMT

Shanghai