SHANGHAI, Aug. 11 (SMM) – Last Thursday night, SHFE 1410 aluminum contract started at RMB 14,120/mt. Prices touched a session high of RMB 14,185/mt and session low of RMB 14,090/mt. Trading volumes totaled 63,422 lots, with positions up 4,576 lots to 152,496 lots.
Last Friday, the most active contract moved lower to RMB 14,060/mt as investors closed positions, drawing no support from strong Chinese trade data for July. The light metal closed at RMB 14,085/mt. Trading volumes totaled 40,084 lots, with positions down 5,822 lots to 146,674 lots.
Spot aluminum largely traded at RMB 14,000-14,020/mt in Shanghai and Wuxi last Friday, a discount of RMB 10-30/mt over SHFE 1408 aluminum contract, versus RMB 14,010-14,030/mt in Hangzhou. Downstream demand picked up as the weekend is approaching. In the afternoon, sellers cut offers slightly after the front-month contract moved lower, but few deals closed.