SHANGHAI, Aug. 8 (SMM) –On Wednesday night, SHFE 1410 aluminum contract followed LME aluminum up to RMB 14,155/mt after starting at RMB 14,030/mt, and finished the night session at RMB 14,145/mt. Trading volumes totaled 68,662 lots, with positions up 6,536 lots to 157,332 lots. 

 

On Thursday, the most active contract fluctuated between RMB 14,105-14,145/mt before closing at RMB 14,085/mt. Trading volumes were up 39,368 lots to 108,030 lots, with positions down 9,412 lots to 147,920 lots.  

 

Spot aluminum largely traded at RMB 14,000-14,020/mt in Shanghai and Wuxi on Thursday, a discount of RMB 20-40/mt over SHFE 1408 aluminum contract, versus RMB 14,010-14,030/mt in Hangzhou. Rising SHFE aluminum pushed spot aluminum up RMB 50-60/mt. Traders showed high buying interest, while downstream producers bought only to need. In the afternoon, trading activity in spot markets waned after August aluminum on SHFE pared gains.