SHANGHAI, Nov. 6 (SMM) – January aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened lower at RMB 14,350/mt on Tuesday. The light metal ranged between day’s high of RMB 14,375/mt and day’s low of RMB 14,325/mt, ending the day down RMB 40/mt at RMB 14,335/mt. Trading volumes increased 2,652 lots to 9,370 lots, but positions fell 3,500 lots to 47,486 lots. SHFE 1401 aluminum contract will test support at the 30-day moving average.
SHFE 1311 aluminum contract crept higher to RMB 14,410/mt before mid-day after opening lower at RMB 14,405/mt on Tuesday. Mainstream traded prices for spot aluminum in Shanghai were RMB 14,440-14,450/mt, RMB 14,460-14,470/mt in Wuxi, and RMB 14,420-14,440/mt in Hangzhou. Despite tight supply, aluminum prices failed to rise sharply. Low aluminum prices lured buyers to step in, improving trading activity. Trading volumes in Wuxi were thinner than in Shanghai as higher prices there depressed buying interest. In the afternoon, spot aluminum traded prices remained little changed, with thin trading reported.