SHANGHAI, Jul. 31 (SMM) –SHFE 1510 aluminum contract struggled below the daily moving average on Thursday morning. But the contract lost support at the 5-day moving average in afternoon trading to RMB 12,265/mt before ending at RMB 12,275/mt. Trading volumes totaled 23,968 lots, and positions were down 36 lots to 137,668 lots.
Aluminum prices were mainly between RMB 12,130-12,140/mt in Shanghai on Thursday, discounts of RMB 80-90/mt over August aluminum on the SHFE, versus RMB 12,120-12,140/mt in Wuxi and RMB 12,140-12,150/mt in Hangzhou. Some sellers rushed to sell due to high inventories on hand. Downstream consumption was sluggish. Trading was contributed largely by traders. In the afternoon, trading was muted.
