SHANGHAI, Aug. 5 (SMM) –SHFE 1510 aluminum touched an intraday high of RMB 12,170/mt on Tuesday. The light metal fell below RMB 12,100/mt at one point, but then rebounded to RMB 12,140/mt as Chinese stock market staged an impressive rally. Finally, the contract ended up RMB 50/mt at RMB 12,145/mt. Trading volumes were down 14,018 lots to 31,710 lots, and positions were down 2,776 lots to 145,000 lots.
Aluminum prices were mainly between RMB 11,960-11,970/mt in Shanghai on Tuesday, discounts of RMB 40-30/mt over August aluminum on the SHFE, versus RMB 11,940-11,970/mt in Wuxi and RMB 11,960-11,970/mt in Hangzhou. Spot prices fell below RMB 12,000/mt, luring downstream buyers to go bargain hunting. In the afternoon, sellers in Shanghai raised offers to RMB 11,980/mt after SHFE aluminum rebounded, and trading picked up.