SHANGHAI, Jul. 13 (SMM) –Last Friday, SHFE 1509 aluminum contract dipped to RMB 12,390/mt, but rebounded to RMB 12,535/mt in the afternoon. Finally, the contract ended at RMB 12,410/mt. Trading volumes totaled 42,236 lots, and positions were up 1,750 lots to 124,748 lots. The positive impact from rising stock market has faded. Poor market fundamentals will keep the contract in check.
SHFE 1507 aluminum contract continued rising last Friday, lifting spot prices in east China further. Prices were RMB 12,310-12,320/mt in Shanghai, discounts of RMB 10-30/mt over July aluminum on the SHFE, RMB 12,320-12,330/mt in Wuxi and RMB 12,320-12,330/mt in Hangzhou. Processors entered the market out of bullishness, leaving trading brisk. In the afternoon, a few deals were reported.