SHANGHAI, Oct. 17 (SMM) – On Wednesday night, SHFE 1412 aluminum contract moved sideways after starting at RMB 13,740/mt, and finished the night session at RMB 13,715/mt.
On Thursday, the most active contract dropped to RMB 13,640/mt before closing at RMB 13,660/mt. Trading volumes totaled 82,324 lots, with positions down 2,282 lots to 130,840 lots. Prices are likely to continue falling as bearish sentiment is running rampant.
Spot aluminum largely traded at RMB 13,590-13,600/mt in Shanghai and Wuxi on Thursday, discounts of RMB 50-60/mt over SHFE 1411 aluminum contract, versus RMB 13,600-13,610/mt in Hangzhou. Falling SHFE aluminum prices soured sentiment in physical market. Most buyers took a wait-and-see stance, pulling prices down. In the afternoon, offers changed little, with trading subdued.