SHANGHAI, Jan. 11 (SMM) -- SHFE aluminum prices opened low and slipped rapidly, and SHFE 1004 aluminum contract opened at RMB 17,770/mt, and later dipped to RMB 17,320/mt, with the largest decline reaching over 3.5% at noon, and finally prices ended at RMB 17,500/mt, with a decline of 3.99%. Positions of SHFE 1004 aluminum contract declined by 13,784 lots, with the turnover rate reaching 344% and the trading value reaching more than RMB 31.3 billion. Total positions remained high, but technically SHFE aluminum prices show signs of decline in the short term. SHFE aluminum prices have closed down for two consecutive days, and will test the 10-day moving average. SHFE spot-month contract aluminum prices opened at RMB 17,200/mt, and dipped rapidly after 10:30, hitting the lowest level of RMB 16,700/mt, and faced resistance at RMB 17,100/mt, with stronger downward pressure, and SHFE aluminum prices struggled at RMB 17,000/mt.
Spot aluminum prices were much stronger than SHFE aluminum prices, and traders holding spot aluminum kept their offers firm between RMB 17,050-17,080/mt despite of plunging SHFE aluminum prices. No large amounts of sell-offs appeared in the market, and large aluminum smelters including CHALCO were reluctant to sell goods, and they remained optimistic with regard to future aluminum prices. Downstream consumers held a cautious attitude toward purchases, with almost no deals reported in the market.
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