SHANGHAI, Nov. 25 (SMM) – The most active SHFE aluminum contract 1202 opened lower at RMB 15,840/mt and closed RMB 45/mt or 0.28% lower at RMB 15,880/mt on November 24th. The contract hit the intraday low of RMB 15,700/mt in the morning. Positions of the contract increased 1,556 lots to 85,394 lots. SMM expects the most active SHFE aluminum contract to fluctuate near RMB 15,800/mt in the short term.
Traded prices of spot aluminum in Shanghai were between RMB 15,790-15,830/mt on Thursday, with premiums of RMB 0-20/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 15,850-15,890/mt in Shanghai. Traded prices of spot aluminum in Wuxi were between RMB 15,770-15,830/mt. In the morning, SHFE aluminum prices rebounded after opening lower and violent fluctuations. Hence, goods holders were increasingly reluctant to move goods. The buying interest was low among downstream buyers and middlemen after prices climbed, though, with transactions only slightly active at around RMB 15,800/mt. Spot aluminum prices climbed with rallying futures prices. Most players stood on the sidelines, however, as the wait-and-see sentiment dominated with higher rebound expectations. In the afternoon, as SHFE aluminum prices stabilized, spot quotations were held firm between RMB 15,810—15,820/mt by traders. The downstream buying interest was low, however, leading to limited transactions.