SHANGHAI, Aug. 7 (SMM) –On Tuesday night, SHFE 1410 aluminum contract moved sideways after starting at RMB 14,075/mt, and finished the night session at RMB 14,080/mt. Trading volumes totaled 30,882 lots, with positions down 1,058 lots to 155,904 lots.
On Wednesday, the most active contract followed LME aluminum down to RMB 14,035/mt. Trading volumes were up 29,346 lots to 60,228 lots, with positions down 5,108 lots to 150,796 lots. The light metal may be vulnerable at the 20-day moving average.
Spot aluminum largely traded at RMB 13,950-13,960/mt in Shanghai and Wuxi on Wednesday, a discount of RMB 30-40/mt over SHFE 1408 aluminum contract. Mainstream traded prices were RMB 13,960-13,970/mt in Hangzhou. Spot aluminum prices followed SHFE 1408 aluminum contract down RMB 60/mt. Traders lost buying interest, while downstream producers sourced only on an as-needed basis. In the afternoon, cargo holders cut offers to RMB 13,950/mt after SHFE aluminum drifted lower, but trading was muted.
