SHANGHAI, Jul. 10 (SMM) –China’s CPI rose in June, but its PPI continued falling, suggesting sluggishness in the economy. This caused SHFE 1509 aluminum contract to fall to RMB 12,205/mt on Thursday. However, the light metal rebounded to RMB 12,435/mt as soaring Chinese stock market boosted market sentiment. Finally, the contract ended at RMB 12,390/mt. Trading volumes totaled 88,724 lots, and positions were down 10,004 lots to 122,998 lots.
SHFE 1507 aluminum contract rebounded on Thursday, allowing spot prices in east China to rally as well. Prices were RMB 12,110-12,130/mt in Shanghai, discounts of RMB 40-60/mt over July aluminum on the SHFE, RMB 12,140-12,150/mt in Wuxi and RMB 12,120-12,130/mt in Hangzhou. Sellers held back goods out of bullishness. Higher prices cooled buying interest of downstream producers and traders. In the afternoon, most sellers held back goods out of bullishness.