SHANGHAI, Oct. 12 (SMM) – December aluminum on the Shanghai Futures Exchange (SHFE), the most active one, rose all the way up to a one-month high of RMB 14,480/mt after opening at RMB 14,370/mt on Friday. Gains were driven by rising LME aluminum and SHFE 1310 aluminum contracts. The light metal stayed above the daily moving average throughput the session before closing the day at RMB 14,465/mt, adding RMB 95/mt or 0.73%. Trading volumes increased 3,714 lots to 9,412 lots, but positions shrank 1,396 lots to 68,050 lots.
Mainstream traded prices for spot aluminum in Shanghai were RMB 14,610-14,630/mt on Friday, RMB 14,620-14,640/mt in Wuxi, and RMB 14,630-14,640/mt in Hangzhou. Downstream producers stayed out of the market as the price gap between SHFE 1310 and 1311 aluminum contracts expanded to RMB 120/mt and as delivery of SHFE current-month aluminum contracts is approaching. In the afternoon, suppliers held offers at RMB 14,630/mt, but trading was subdued.