SHANGHAI, Jan. 6 (SMM) -- SHFE aluminum prices fluctuated mildly in the morning, but moved higher driven up by rapid inflow of large amounts of purchases in the afternoon. SHFE 1004 aluminum contract hit RMB 17,570/mt, and closed at RMB 17,540/mt finally, with a growth of nearly 1.4%. Positions of SHFE 1004 aluminum contract increased by 19,248 lots, bringing total positions to more than 378,000 lots. All SHFE aluminum contracts stood above RMB 17,000/mt with the exception of SHFE spot-month aluminum contract, which closed at RMB 16,945/mt, standing firm above 5-day moving average.
In spot markets, aluminum prices slipped first but moved higher later. Deals were mainly made in the RMB 16,650-16,680/mt range in the morning, and only limited deals of imported aluminum from Russia were made at RMB 16,620/mt. Aluminum prices offered by CHALCO were RMB 16,700/mt in the morning, but transactions were weak. However, CHALCO moved hundreds of tons of goods in the afternoon due to rapid growth in SHFE aluminum prices, and market offers increased constantly to RMB 16,850/mt as a result, but some buyers still faced the unavailability of goods, since cargo-holders were reluctant to sell goods in view of their optimistic market outlook. Downstream buying interest was low in the afternoon, with limited deals made between traders.
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