SHANGHAI, Jul. 25th (SMM) -- After LME aluminum prices gained a huge 2% on July 22nd, SHFE aluminum prices opened higher on July 25th at RMB 17,660/mt in response. Tight spot aluminum supply also pushed intraday SHFE aluminum prices to test RMB 17,700/mt. However, after Shanghai Composite Index plunged by 3%, all base metals excluding aluminum prices lost. At the tail of trading, SHFE aluminum prices also fell and erased daily gains due to short selling. Finally closed price was RMB 17,590/mt, up RMB 5/mt or 0.03% from previous trading day. Total positions of most active SHFE aluminum contracts increased by 4,908 lots to 123,980 lots. Though most active SHFE aluminum contract prices fell below the 5-day moving average impacted by bearish sentiment in other metals markets, aluminum was the only base metal gained on the SHFE market during the day, and SMM expects SHFE aluminum prices to test RMB 17,700/mt after short-term fluctuation.
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