SHANGHAI, Oct. 11 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened at RMB 14,360/mt on Thursday. The contract nudged up to RMB 14,395/mt before immediately falling back below the daily moving average, with a session low of RMB 14,335/mt. The light metal rose slightly at the tail of the trading on buying at lows before closing the day at RMB 14,360/mt. Trading volumes dropped 1,606 lots to 5,698 lots, and positions also contracted 424 lots to 69,446 lots.
Spot aluminum in Shanghai was at a backwardation of RMB 0-10/mt over SHFE 1310 aluminum contract. Mainstream traded prices in Shanghai were RMB 14,590-14,600/mt, RMB 14,590-14,610/mt in Wuxi, and RMB 14,600-14,610/mt in Hangzhou. Purchases by traders were limited, while downstream producers opted not to enter the market until SHFE 1310 aluminum contracts are delivered. In the afternoon, consumption remained sluggish and some cut offers to RMB 14,580/mt.