SHANGHAI, Jun. 23 (SMM) – Last Thursday night, SHFE 1408 aluminum contract moved lower after a high opening, with prices still hovering below RMB 13,500/mt. Trading volumes and positions totaled 29,000 lots and 139,000 lots, respectively. Last Friday, the most active contract moved higher to RMB 13,585/mt before closing at RMB 13,565/mt. Trading volumes totaled 76,892 lots, with positions up 934 lots to 138,426 lots.
Spot aluminum largely traded between RMB 13,360-13,370/mt in Shanghai last Friday, a discount of RMB 80-90/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,350-13,370/mt in Wuxi, and RMB 13,380-13,390/mt in Hangzhou. Rising SHFE aluminum allowed sellers to hold offers firm. Downstream consumption picked up since the weekend was drawing near. In the afternoon, offers remained stable, with transactions contributed largely by traders.