SHANGHAI, Oct. 17 (SMM) – Falling SHFE 1311 aluminum contracts and LME aluminum caused SHFE 1312 aluminum contract, the most active one, to slide to an intraday low of RMB 14,295/mt after opening at RMB 14,350/mt on Wednesday. The light metal crept higher in the afternoon session, but still ended lower at RMB 14,315/mt, down for three days in a row. Trading volumes of December aluminum on the SHFE shrank 1,522 lots to 4,166 lots, and positions also contracted 722 lots to 65,554 lots. Trading volumes and positions of SHFE 1401 aluminum contracts were 6,762 lots and 57,128 lots, respectively. As such, SHFE aluminum for January delivery may shift to the most active contract soon.
SHFE 1311 aluminum contracts, the new current-month contracts, dipped to RMB 14,365/mt before noon on Wednesday. Mainstream traded prices for spot aluminum in Shanghai dropped RMB 60-90/mt to RMB 14,430-14,440/mt, a premium of RMB 50-70/mt over SHFE 1311 aluminum contracts. Prices were RMB 14,410-14,420/mt in Wuxi, and RMB 14,420-14,440/mt in Hangzhou. Downstream producers were little interested in purchasing, depressing overall trading. In the afternoon, SHFE 1311 aluminum contract climbed by RMB 15/mt to RMB 14,445/mt, but spot aluminum prices remained little changed, with thin trading reported.