SHANGHAI, Jul. 15 (SMM) – Last Friday night, SHFE 1409 aluminum contract advanced to RMB 13,695/mt after starting at RMB 13,635/mt, and finished the night session at RMB 13,660/mt. Trading volumes totaled 33,226 lots, with positions up 938 lots to 149,262 lots. On Monday, the most active contract fell back after touching RMB 13,695/mt, closing the day at RMB 13,640/mt. Trading volumes totaled 22,474 lots, with positions down 38,844 lots to 145,418 lots.
Spot aluminum largely traded between RMB 13,470-13,480/mt in Shanghai on Monday, a discount of RMB 30-40/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,480-13,490/mt in Wuxi and RMB 13,490-13,500/mt in Hangzhou. Sellers held offers firm since delivery of SHFE 1407 aluminum contract is approaching. Higher offers drove downstream producers to buy only as needed. In the afternoon, rising SHFE aluminum encouraged sellers to hike offers to RMB 13,480-13,490/mt, with trading being decent.
SMM’s recent survey of 34 large aluminum smelters and traders in China reveals the following results: