SHANGHAI, Jan. 15 (SMM) -- Yesterday, SHFE three-month contract aluminum prices opened at RMB 17,810/mt, but slipped later, and received support at RMB 17,550/mt during the spot trading period. SHFE three-month contract aluminum prices recovered in the afternoon and closed at RMB 17,600/mt, facing stronger resistance at RMB 17,800/mt, with trading volumes down significantly. SHFE spot-month contract aluminum prices moved in the RMB 17,150-17,200/mt range. A new contract month will begin next Monday, and the price spread between SHFE 1001 aluminum contract and SHFE 1002 aluminum contract narrowed gradually, leaving little possibility SHFE aluminum prices will drop sharply today. The situation of strong near-by contract and weak forward contract remains in SHFE aluminum market.
In the spot aluminum market, deals were mainly made around RMB 17,150/mt, and spot discounts remained between negative RMB 50-0/mt. Downstream consumers held no interest in making purchases despite of some inquiries. Suppliers had to reduce offers in an effort to move goods due to weak transactions and falling SHFE aluminum prices, with low-end traded prices found at RMB 17,130/mt. Aluminum traded prices will climb steadily to a range of RMB 17,100-17,200/mt, if aluminum prices receive support and additional solid news appear in the market.
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