SHANGHAI, Aug. 13 (SMM) – On Tuesday night, SHFE 1410 aluminum contract rose to RMB 14,240/mt after starting higher at RMB 14,210/mt, and finished the night session at RMB 14,190/mt. Trading volumes totaled 69,802 lots, with positions up 2,637 lots to 151,948 lots.
On Wednesday, the most active contract gave back previous day’s gains by falling to RMB 14,115/mt before the release of a raft of Chinese economic data. Prices, however, rebounded afterwards to end at RMB 14,155/mt. Trading volumes totaled 56,338 lots, with positions down 7,799 lots to 144,148 lots. The light metal is unlikely to gather upward momentum due to the slowdown in YoY growth of value-added at large Chinese industrial enterprises in July, fixed asset investment and retail sales.