SHANGHAI, Jul. 8 (SMM) –On Tuesday, SHFE 1509 aluminum contract hovered above the daily moving average in the morning, but tumbled in the afternoon due to massive entry of shorts. Finally, the contract ended at RMB 12,430/mt. Trading volumes totaled 32,074 lots, and positions were up 2,196 lots to 134,944 lots.
Spot aluminum largely traded between RMB 12,310-12,320/mt in Shanghai, Wuxi and Hangzhou on Tuesday, discounts of RMB 80-90/mt over SHFE 1507 aluminum contract. Spot aluminum followed SHFE aluminum down further. Processors pushed for even lower prices, leaving sellers unwilling to sell. Trading was light. In the afternoon, sellers cut offers to RMB 12,300-12,310/mt after SHFE aluminum fell, but trading came to a virtual standstill.