SHANGHAI, Nov. 13 (SMM) – January aluminum on the Shanghai Futures Exchange (SHFE), the most active one, opened lower at RMB 14,285/mt on Tuesday. The light metal, briefly climbed to RMB 14,290/mt in early morning session before sinking to the lowest in more than one month at RMB 14,240/mt. SHFE 1401 aluminum contract fluctuated near RMB 14,250/mt in the afternoon session, ending the day at RMB 14,255/mt, down RMB 40/mt. Trading volumes increased 2,134 lots to 5,558 lots, but positions contracted 170 lots to 42,964 lots. SHFE 1402 aluminum contracts may shift to the new most active contract later this week.
Spot aluminum prices were RMB 14,410-14,420/mt in Shanghai on Tuesday, a premium of RMB 10-20/mt over SHFE 1311 aluminum contract. Prices were RMB 14,420-14,430/mt and Wuxi, and RMB 14,400-14,410/mt in Hangzhou. Cargo holders asked for high prices, but downstream producers watched from the sidelines against expanding price gap between SHFE 1311 and 1312 aluminum contracts. In the afternoon, few deals were completed in spot market.