SHANGHAI, Oct. 16 (SMM) – October aluminum on the Shanghai Futures Exchange (SHFE), slid by RMB 185/mt after opening on Tuesday. This caused SHFE 1312 aluminum contracts, the most active one, to decline to an session low of RMB 14,330/mt after starting the day at RMB 14,445/mt. SHFE aluminum for December delivery ended down RMB 85/mt at RMB 14,350/mt, surrendering gains made during previous days. Trading volumes contracted 84 lots to 5,688 lots, and positions also shrank 286 lots to 66,286 lots.
Mainstream traded prices for spot aluminum in Shanghai dropped RMB 100/mt to RMB 14,490-14,510/mt on Tuesday, a premium of RMB 20-40/mt over SHFE 1310 aluminum contracts. Prices were RMB 14,450-14,460/mt in Wuxi, and RMB 14,480-14,490/mt in Hangzhou. Prices for most aluminum ingot slid below RMB 14,500/mt, except for selected brand. Some went bargain hunting, but purchases were seen limited.