SHANGHAI, Jun. 14 (SMM) – The most active SHFE aluminum contract for September delivery started at RMB 15,860/mt and settled up RMB 45/mt or 0.28% at RMB 15,900/mt supported by the Shanghai Composite Index’s return above 2,300 points. Transacted contracts were only 2,246 lots and positions added 56 lots to 100,990 lots. The contract succeeded in returning above the 5-day moving average but support has been weak. Investors are expected to await the Greek election result and the most active SHFE aluminum contract will still face heavy pressure at the RMB 15,900/mt mark.
Spot aluminum was sold at RMB 15,870-15,900/mt, with low-iron ingots trading at RMB 15,960-15,980/mt. The bottom of SHFE aluminum prices climbed slightly, helping spot aluminum prices consolidate. However, supply remained excessive, posing heavy pressure at RMB 15,900/mt. Spot aluminum prices in Wuxi and Hangzhou also struggled at the mark and only a few deals were done at high-end prices. Overall trading was still light, with total traded volumes staying little changed.