SHANGHAI, Jul. 1 (SMM) -- SHFE 1109 aluminum contract became the most actively traded contract on Thursday, with the most actively traded contract opening slightly higher at RMB 17,115/mt. Later, SHFE 1109 aluminum contract prices rallied to test RMB 17,200/mt supported by long speculative funds, with trading volumes increasing to over 20,000 lots and positions growing by 3,180 lots to 67,164 lots. Finally, the most actively traded contract closed at an intraday high of RMB 17,180/mt, up RMB 100/mt or 0.59% compared the previous trading day. SHFE 1109 aluminum contract prices climbed strongly due to gaining long position momentum, and upward momentum will help support SHFE 1109 aluminum contract prices to struggle at RMB 17,200/mt despite that prices face resistance at this level.
Mainstream traded prices for spot aluminum were between RMB 17,220-17,250/mt in east China, with premiums of positive RMB 20-50/mt over SHFE current-month aluminum contract prices. SHFE current-month aluminum contract prices climbed strongly to struggle at RMB 17,200/mt in the morning. Spot aluminum prices remained firm with slight premiums over SHFE current-month aluminum contract prices on the last trading day in June, and few buying caused market transactions to be extremely limited. SHFE current-month aluminum contract prices advanced steadily to RMB 17,305/mt in the afternoon, and almost no transactions were made in spot aluminum markets.
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