SHANGHAI, Oct. 22 (SMM) – On Monday night, SHFE 1412 aluminum contract crept higher to RMB 13,840/mt after starting at RMB 13,785/mt, and finished the night session at RMB 13,825/mt. Trading volumes totaled 31,402 lots, with positions down 1,068 lots to 122,594 lots.  

 

China’s GDP growth slowed to 7.3% in Q3, slightly better than expected. China’s industrial value-added, retail sales and fixed asset investment data were mixed. The most active contract hovered at highs in the morning on Tuesday, but fell in the afternoon on risk aversion, closing RMB 25/mt lower at RMB 13,750/mt Trading volumes totaled 5,054 lots, with positions down 7,686 lots to 114,908 lots.  

 

Spot aluminum largely traded at RMB 13,680-13,690/mt in Shanghai and Wuxi on Tuesday, discounts of RMB 60-70/mt over SHFE 1411 aluminum contract, versus RMB 13,690-13,700/mt in Hangzhou. Sellers were anxious to sell out of pessimism, but traders watched from the sidelines. Downstream producers bought only as needed and pushed for lower prices. In the afternoon, some cut offers to RMB 13,640-13,650/mt after SHFE aluminum went down. Trading came to a virtual standstill as buyers were waiting for prices to fall further.