SHANGHAI, Aug. 24 (SMM) – Most active SHFE 1111 aluminum contract prices opened at previous day closing price of RMB 17,235/mt on August 23rd, and closed at RMB 17,290/mt, up RMB 55/mt or 0.32% from previous trading day. Highest and lowest prices during the day were RMB 17,315/mt and RMB 17,190/mt. Though aluminum became the only base metal that gained in SHFE, its upward momentum is still lacked. SMM expects most active SHFE aluminum contract to keep fluctuating near RMB 17,250/mt in the short term due to low market sentiment.
Mainstream trading prices of spot aluminum in Shanghai were RMB 17,770-17,800/mt in the morning, with premiums of positive RMB 230-250/mt over SHFE current-month aluminum prices. Quotes of goods holders were firm in the morning backed by stable movements of SHFE aluminum prices, but several traders lowered their quotes to RMB 17,770/mt to promote transactions. However, transactions remained sluggish due to low buying interest among both downstream buyers and middlemen. In the afternoon, despite a slight gain of SHFE aluminum, mainstream trading prices of spot aluminum lowered to RMB 17,760-17,770/mt due to weak consumption. Market transactions were rarely reported as cargo holders were unwilling to sell.