SHANGHAI, Jun. 19 (SMM) – SHFE 1508 aluminum contract prices opened at RMB 12,705/mt Wednesday evening, then slid to a low of RMB 12,580/mt, but rallied to RMB 12,615/mt, and closed at RMB 12,600/mt. Trading volumes were 9,542 lots, and total positions decreased 232 to 122,740. SHFE 1508 aluminum contract prices climbed above moving averages Thursday morning, but met resistance at RMB 12,685/mt, and closed at RMB 12,675/mt, down RMB 30/mt or 0.24%. Trading volumes were 22,242 lots, and total positions decreased 2,172 to 120,800. Positions of SHFE 1509 aluminum contracts grew noticeably.
SHFE spot-month aluminum contract prices rose slightly on Thursday. Spot aluminum prices in Shanghai were RMB 12,570-12,580/mt, with spot discounts of RMB 60-70/mt. Mainstream prices in Wuxi were RMB 12,550-12,560/mt, with RMB 12,600-12,610/mt in Hangzhou. Downstream purchases were made based on as needed basis, despite weak aluminum prices. Cargo holders sold proactively, but downstream buying interest was low, leaving trading quieter. Quotes for spot-month SHFE aluminum were stable in the afternoon, with transactions muted.