SHANGHAI, Dec. 2 (SMM) – On Friday, SHFE 1702 aluminum opened at RMB 13,315/mt. China Nonferrous Metals Industry Association held a meeting to discuss to stabilize aluminum prices. The contract thus climbed to RMB 13,530/mt and later dropped to RMB 13,400/mt with longs taking profits. Spot premiums fell to RMB 0/mt in China’s market and longs thus left from market, hurting SHFE 1702 aluminum. During the afternoon trading, SHFE 1702 aluminum kept falling to RMB 13,230/mt with positions opening by shorts and the contract later regained some previous lost ground and finally closed at RMB 13,325/mt. Trading volumes increased 31,408 to 244,004 lots and positions rose 9,564 to 242,520. Positions of all SHFE aluminum contracts fell 704.

SHFE 1702 aluminum is expected to keep fluctuating for the nearing future.