SHANGHAI, Aug. 14 (SMM) –SHFE 1510 aluminum opened flat at RMB 12,225/mt on Thursday. The contract fell to near RMB 12,088/mt as yuan depreciation has been digested by markets. The light metal rebounded later in the day, ending up RMB 5/mt at RMB 12,140/mt. Trading volumes were up 2,730 lots to 52,368 lots, and positions were down 3,716 lots to 141,000 lots. Exit of shorts pushed prices for the light metal up.
Aluminum prices were mainly between RMB 12,000-12,010/mt in Shanghai on Thursday, discounts of RMB 10-20/mt over August aluminum on the SHFE, versus RMB 11,990-12,020/mt in Wuxi and RMB 12,000-12,010/mt in Hangzhou. Holders of non-deliverable aluminum ingot became eager to sell. Downstream buying was poor, while trading among traders was brisk. In the afternoon, sellers sold at discounts of RMB 20-30/mt out of bearishness.