SHANGHAI, Jun. 23 (SMM) –SHFE 1508 aluminum contract prices opened at RMB 12,670/mt last Thursday evening, then rose RMB 12,710/mt, but fell back to opening price, and closed at RMB 12,655/mt. Trading volumes were 5,114 lots, and total positions decreased 206 to 120,594.
SHFE 1508 aluminum contract prices surged to RMB 12,710/mt last Friday, but fell back down and fluctuating around moving averages in the afternoon, and closed at RMB 12,690/mt. Trading volumes were 19,792 lots, and total positions decreased 5,636 to 115,164. SHFE 1508 aluminum contract prices will lack impetus to rebound.
Spot aluminum majorly settled at RMB 12,570-12,580/mt Friday in Shanghai, a RMB 80-90/mt discount against SHFE 1507 aluminum, versus RMB 12,560-12,580/mt in Wuxi and RMB 12,610-12,630/mt in Hangzhou. Downstream producers mainly sourced cheap goods as need this morning before the Chinese Dragon Boat Festival from June 20-22. Some cargo holders were keen to sell before the festival and thus lowered some prices, fueling trades for cheap aluminum. Traders followed rising SHFE 1507 aluminum to raise spot prices. However, most buyers have finished purchase and refused the price hike, slowing spot price growth. In the afternoon, trading was muted as holiday sentiment dominated.
