The Shanghai Futures Exchange (ShfE) says it has approved a new designated delivery warehouse for its aluminium futures in northeast China's Liaoning province. The exchange will use 20,000 tonnes of Yingkou Port Group Corp's approved 50,000-tonne capacity warehouse, according to a ShFE statement on Friday.
The warehouse is the first approved by ShfE in northeast China. Regional discount for delivery to the Yingkou warehouse is 150 yuan ($21.78) a tonne to ShFE settlement price. Aluminium inventories in warehouses monitored by the ShFE dropped 10,770 tonnes week-on-week to 899,083 tonnes on Friday, according to ShFE data published separately. ShFE aluminium stocks had surged to a record high of almost 1 million tonnes in April.
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