SHANGHAI, Jul. 29 (SMM) –SHFE 1510 aluminum contract was range-bound between RMB 12,250-12,300/mt for most of the day. The contract touched an intraday high of RMB 12,315/mt. Trading volumes were up 3,324 lots to 25,984 lots, and positions were up 88 lots to 146,000 lots. The 5-day moving average should continue to pose strong resistance.
Aluminum prices were mainly between RMB 12,100-12,120/mt in Shanghai on Tuesday, discounts of RMB 100-120/mt over August aluminum on the SHFE, versus RMB 12,100-12,120/mt in Wuxi and RMB 12,120-12,130/mt in Hangzhou. Downstream demand remained poor, sending prices down. In the afternoon, spot discounts widened slightly, and trading became muted.