SHANGHAI, Jan. 18 (SMM) -- SHFE three-month contract aluminum prices opened at RMB 17,680/mt, as LME aluminum prices closed up, and advanced to break through RMB 17,800/mt, but later showed weak performance due to confidence shortage in higher prices. SHFE three-month contract aluminum prices dipped sharply in the afternoon given rising US dollar and the absence of domestic confidence, with prices ending at RMB 17,590/mt, and fell below 10-day moving average line again.
Aluminum prices showed weak performance last Friday, and total inventories at downstream fabricators were limited. Traders were willing to move goods, and suppliers were short of confidence in keeping offers firm, resulting in falling traded prices. Spot traded prices were flat at SHFE spot-month contract aluminum prices, as SHFE aluminum prices began falling at noon. Aluminum prices declined rapidly in the afternoon, and the wait-and-see attitude dominated downstream consumers, with only limited deals made at lower prices. Mainstream traded prices were in the RMB 17,180-17,220/mt range in the afternoon.
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