SHANGHAI, Oct. 23 (SMM) – On Tuesday night, SHFE 1412 aluminum contract started at RMB 13,835/mt, and finished the night session at RMB 13,810/mt. Trading volumes totaled 30,724 lots, with positions down 1,124 lots to 113,784 lots.
On Wednesday, the most active contract fell further to RMB 13,680/mt before closing at RMB 13,755/mt. Trading volumes totaled 53,956 lots, with positions down 10,154 lots to 103,630 lots. Prices may extend losses since bearish sentiment is running wild.
Spot aluminum largely traded at RMB 13,610-13,620/mt in Shanghai on Wednesday, discounts of RMB 60-100/mt over SHFE 1411 aluminum contract, versus RMB 13,610-13,630/mt in Wuxi and RMB 13,630-13,640/mt in Hangzhou. Sellers rushed to sell out of growing pessimism after SHFE aluminum moved lower, but buyers generally stayed out of the market. In the afternoon, some raised offers slightly to RMB 13,630/mt after SHFE front-month contract rallied. But few transactions were reported.