SHANGHAI, Aug. 12 (SMM) – China’s yuan dropped at a faster pace on Wednesday. SHFE 1510 aluminum started at RMB 12,065/mt and extended Tuesday night’s rising momentum to touch RMB 12,165/mt. The contract finally ended at RMB 12,135/mt, growing RMB 95/mt or 0.79%. Trading volumes slipped 1,112 to 49,638 lots and positions also dropped 2,484 to 144,000.
Markets still digest the news of China’s weakening yuan, which will increase export and cut import of raw materials, including aluminum alloy. This supported aluminum prices to move higher.