SHANGHAI, Jan. 12 (SMM) –Last Thursday night, SHFE 1503 aluminum contract drifted lower after starting at RMB 12,850/mt, and finished the night session at RMB 12,805/mt.
China’s CPI hovered at 5-year low, while PPI fell sharply. However, short sellers closed positions in the afternoon, pushing the most active contract up to RMB 12,900/mt. The contract ended last Friday at RMB 12,855/mt. Trading volumes totaled 62,750 lots, with positions down 5,722 to 161,134. A lack of positive news implies that any upside potential might be limited.
Spot aluminum largely traded between RMB 12,800-12,820/mt in Shanghai last Friday, premiums of RMB 10-20/mt over SHFE 1501 aluminum contract, versus RMB 12,790-12,810/mt in Wuxi and RMB 12,860-12,870/mt in Hangzhou. Processors entered the market due to a rally in SHFE aluminum and approaching weekend. In the afternoon, some raised offers to RMB 12,860-12,880/mt as front-month contract rose further, but trading was muted.
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