SHANGHAI, Jan. 11 (SMM) – Prices of SHFE 1303 aluminum contracts, the most active one, opened at RMB 15,255/mt on January 10 and saw little movement in the session. Finally, the March aluminum on the SHFE gained RMB 15/mt or 0.10% to finish at RMB 15,270/mt. Positions were down 284 lots to 62,494 lots. The most-traded SHFE aluminum contract should meet strong resistance at RMB 15,300/mt in the near term as longs are cautious of buying at higher prices.
Spot aluminum was mainly traded at RMB 15,030-15,050/mt in Shanghai on Thursday, with discounts at RMB 0-20/mt. Low-iron aluminum was traded at RMB 15,090-15,110/mt. SHFE 1303 aluminum contract prices moved at low levels, dampening market sentiment. Traders were anxious to move goods prior to the delivery date of the SHFE 1301 aluminum contracts. Limited purchases by downstream producers and middlemen brought traded prices down to RMB 15,050/mt. Overall trading was moderate.