SHANGHAI, Oct. 21 (SMM) – On Thursday’s night trading, SHFE 1612 aluminum started at RMB 12,545/mt and dropped to RMB 12,465/mt. The contract rallied from lows with positions opening by longs and ended higher at RMB 12,565/mt.

On Friday, SHFE 1612 aluminum opened at RMB 12,560/mt and climbed above the 5 and 10-day moving averages to RMB 12,695/mt. The contract fell back due to positions closing by longs with resistance at moving average. During the afternoon trading, SHFE 1612 aluminum kept giving up previous gains with entering of shorts. The contract finally ended at RMB 12,630/mt. Trading volumes were up 15,688 to 143,252 lots and positions were down 7,274 to 230,600.

In China’s domestic market, spot aluminum premiums remained firm. Transport tightness will not be solved in the short term. Longs and shorts both took wait-and-see stance. SHFE 1612 aluminum should keep fluctuating for the nearing future.