SHANGHAI, Jul. 20 (SMM) –SHFE 1509 aluminum contract fell to RMB 12,470/mt last Friday morning, but rallied in the afternoon before ending at RMB 12,520/mt. Trading volumes totaled 19,016 lots, and positions were up 176 lots to 118,134 lots. Judging from changes in positions, SHFE 1510 aluminum contract might become the most active contract this week.
Aluminum prices were mainly between RMB 12,340-12,360/mt in Shanghai on Friday, discounts of RMB 80-100/mt over August aluminum on the SHFE, versus RMB 12,350-12,360/mt in Wuxi and RMB 12,350-12,360/mt in Hangzhou. Sellers rushed to sell after prices rebounded. But buyers showed low interest out of doubt over the sustainability of the price rise. In the afternoon, only a few deals were done.