SHANGHAI, Oct. 8 (SMM) – The most active aluminum contract on the Shanghai Futures Exchange (SHFE), SHFE 1312 aluminum contract, hovered near its opening price after starting the day higher at RMB 14,290/mt on September 30. The contract dipped to RMB 14,270/mt, but climbed above the 3-day and 60-day moving averages to a high of RMB 14,320/mt at the tail of the session. Finally, the light metal closed at RMB 14,315/mt. Investors pulled out of the market since Monday was the last trading day before the 7-day holiday in China. Trading volumes increased 240 lots to 7,200 lots, but positions dropped 3,290 lots to 73,842 lots.
Mainstream traded prices for spot aluminum in Shanghai were RMB 14,620-14,640/mt, RMB 14,640-14,670/mt in Wuxi, and RMB 14,640-14,660/mt in Hangzhou. Only a few cargo holders entered the market, so did buyers on the last trading day before the Chinese National Day holiday, leaving markets quiet.