SHANGHAI, Aug. 25 (SMM) – Last Thursday night, SHFE 1410 aluminum contract climbed to RMB 14,385/mt after starting at RMB 14,335/mt, but then retreated to finish at RMB 14,275/mt. Trading volumes totaled 86,736 lots, with positions up 1,342 lots to 13,254 lots.
Last Friday, the most active contract recovered losses suffered in the night session, and ended the day at RMB 14,330/mt. Trading volumes totaled 121,212 lots, with positions down 3,108 lots to 127,810 lots. SHFE 1411 aluminum contract may become the most active contract next week.
Spot aluminum largely traded at RMB 14,230-14,240/mt in Shanghai last Friday, a discount of RMB 40-60/mt over SHFE 1409 aluminum contract, versus RMB 14,240-14,250/mt in Wuxi and Hangzhou. Downstream producers entered the market after watching from the sidelines for days, but traders still stayed out of the market. In the afternoon, sellers held offers unchanged, with sparse transactions reported.
