SMM Aluminum Market Daily Review (2015-8-12)

SHANGHAI, Aug. 13 (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.

Aluminum prices were mainly between RMB 11,960-11,980/mt in Shanghai on Wednesday, discounts of RMB 20-40/mt over August aluminum on the SHFE, versus RMB 11,950-11,980/mt in Wuxi and RMB 11,960-11,980/mt in Hangzhou. Poor downstream buying caused spot discounts to widen. In the afternoon, some deals closed at RMB 11,970/mt, and trading waned.