SHANGHAI, Aug. 17 (SMM) –SHFE 1510 aluminum opened at RMB 12,135/mt on Friday. The contract fell to an intraday low of RMB 12,085/mt as longs exited. Finally, it ended down RMB 70/mt or 0.57% at RMB 12,110/mt. Trading volumes were down 30,932 lots to 21,436 lots, and positions were down 658 lots to 140,000 lots. The 10-day and 20-day moving averages are still pointing downward, boding ill for the contract.
Aluminum prices were mainly between RMB 11,960-11,980/mt in Shanghai on Friday, discounts of RMB 30-50/mt over August aluminum on the SHFE, versus RMB 11,950-11,980/mt in Wuxi and RMB 11,970-11,980/mt in Hangzhou. Sellers showed high selling interest, but processors remained little interest in buying. Trading was mainly contributed by traders. In the afternoon, trading became quiet.
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