SHANGHAI, Aug. 14 (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.
Spot aluminum largely traded at RMB 14,050-14,070/mt in Shanghai on Wednesday, a discount of RMB 10-30/mt over SHFE 1408 aluminum contract, versus RMB 14,060-14,080/mt in Wuxi and RMB 14,060-14,070/mt in Hangzhou. Buying interest dwindled after SHFE aluminum drifted lower. In the afternoon, suppliers raised offers to RMB 14,070/mt from RMB 14,040/mt after SHFE aluminum rallied, further cooling demand