SHANGHAI, Jul. 6 (SMM) –Last Friday, SHFE 1509 aluminum contract fell to RMB 12,650/mt, but then rebounded to end at RMB 12,675/mt. Trading volumes totaled 21,954 lots, and positions were up 902 lots to 128,006 lots. 

 

Spot aluminum largely traded between RMB 12,490-12,500/mt in Shanghai last Friday, discounts of RMB 90-100/mt over SHFE 1507 aluminum contract, versus RMB 12,480-12,490/mt in Wuxi, and RMB 12,510-12,520/mt in Hangzhou. Downstream demand picked up before the weekend, but ample supply prevented prices from rising. In the afternoon, sellers held back goods after SHFE aluminum rose, with trading subdued.