SHANGHAI, Jun. 28 (SMM) – The most active SHFE aluminum contract for October delivery started lower at RMB 15,060/mt and settled down RMB 110/mt or 0.73% at RMB 15,060/mt, rebounding from a new two-year low of RMB 14,925/mt as shorts took profits. Positions added 6,236 lots to 127,344 lots. Transacted contracts broke through 180,000 lots and hit an 8-month high amid strong shorting. The contract is expected to struggle at the RMB 15,000/mt mark in the near term awaiting direction of the EU Summit.
Spot aluminum was traded at RMB 15,210-15,280/mt in Shanghai, with low-iron aluminum trading at RMB 15,360-15,380/mt. Spot prices slipped more than RMB 300/mt after the current-month contract lost support at RMB 16,200/mt. The selling interest was strong but buying interest weak, so trading was extremely light. Quotations turned sparse and were at RMB 15,220-15,230/mt in the afternoon as the current-month contract stagnated. Deals were hardly reported as buyers stayed silent.