SHANGHAI, Jun. 18 (SMM) – The most active SHFE aluminum contract for September delivery started lower at RMB 15,860/mt and settled up a slight RMB 10/mt or 0.06% at RMB 15,865/mt. Pressure at the 5-day moving average was still strong. Transacted contracts dropped 1,436 lots to 5,250 lots during cautious trading before the weekend. Fundamentals have not changed much. Total inventories dropped slightly. Demand remained weak. Aluminum price fluctuations are more related with macroeconomic news.
Spot aluminum was traded at RMB 15,870-15,890/mt in Shanghai, with low-iron aluminum trading at RMB 15,950-15,970/mt. Mainstream traded prices of the light metal were RMB 15,870-15,890/mt in Hangzhou, and RMB 15,880-15,890/mt in Wuxi. The current-month contract moved narrowly between RMB 15,860-15,880/mt. Pressure remains strong at the 5-day moving average. The light metal was sold with discounts of RMB 0-20/mt in Shanghai. The selling interest was high as the delivery date is near but buying was cautious. Some stock replenishments were seen in Wuxi and Hangzhou. Overall trading was flat.