SHANGHAI, Jan. 19 (SMM) -- SHFE aluminum prices opened low, but fluctuated higher in the afternoon, with positions down slightly. SHFE aluminum prices moved at high levels, and SHFE three-month aluminum contract transitioned into SHFE 1005 aluminum contract gradually, and SHFE aluminum contract faced heavy pressure at RMB 17,500/mt.
A new contract month began on January 18th, and spot discounts appeared again, but offers quoted by cargo-holders moved around RMB 17,150/mt, with no intention to lower prices, and transactions were weak as a result. New arrivals of goods increased in Wuxi region, and suppliers had to reduce prices amid sluggish trading sentiment, causing traded prices to fall steadily. Traders raised prices in the afternoon following rising SHFE aluminum prices, helping increase traded prices to RMB 17,200/mt rapidly. Market confidence improved despite of stronger resistance at RMB 17,250/mt in the afternoon.
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