SHANGHAI, Nov. 11 (SMM) – January aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened at RMB 14,290/mt last Friday. The light metal ranged between day’s high of RMB 14,320/mt and day’s low of RMB 14,290/mt, closing the day at RMB 14,305/mt. Prevailing wait-and-see sentiment ahead of the release of US non-farm employment data depressed trading activity in SHFE aluminum market. This was compounded by investors closing positions to avoid risks before the upcoming weekend. Trading volumes contracted 1,604 lots to 2,386 lots, and positions also shrank 522 lots to 42,606 lots.
Spot aluminum prices were RMB 14,420-14,430/mt in Shanghai, a premium of RMB 10-20/mt over SHFE 1311 aluminum contract. Prices were RMB 14,410-14,430/mt and Wuxi, and RMB 14,400-14,410/mt in Hangzhou. Cargo holders became more aggressive in selling, while traders increased purchases, leaving trading brisk. In the afternoon, a few cargo holders resorted to discounting to fuel buying interest.