SHANGHAI, Jul. 3 (SMM) – On Tuesday night, SHFE 1409 aluminum contract started at RMB 13,550/mt. The most active contract touched a session high of RMB 13,575/mt and session low of RMB 13,530/mt before finishing at RMB 13,545/mt. Trading volumes totaled 25,522 lots, with positions down 2,322 lots to 147,968 lots. On Wednesday, SHFE aluminum for September delivery tumbled to RMB 13,460/mt, but rebounded in the afternoon to end at RMB 13,540/mt. Trading volumes totaled 27,766 lots, with positions down 5,460 lots to 142,508 lots.
Spot aluminum largely traded between RMB 13,350-13,360/mt in Shanghai on Wednesday, a discount of RMB 40-50/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,360-13,370/mt in Wuxi and Hangzhou. Downstream producers held back out of bearishness, and traders also cut purchases. In the afternoon, sellers cut offers to RMB 13,340-13,350/mt, but transactions remained thin.