SHANGHAI, Aug. 19 (SMM) –SHFE 1510 aluminum drifted lower after opening at RMB 12,060/mt on Tuesday, due to plunging Chinese stock market. The most active contract touched day’s high of RMB 12,070/mt and day’s low of RMB 11,975/mt. Finally, it ended down RMB 75/mt or 0.62% at RMB 11,995/mt. Trading volumes were down 8,070 lots to 16,198 lots, and positions were down 650 lots to 139,000 lots. The contract suffered 4-day losing streak as positive impact from yuan’s depreciation has been digested.
SHFE 1509 aluminum, which became the front-month contract today, fell to near RMB 11,990/mt. Aluminum prices were mainly between RMB 11,910-11,930/mt in Shanghai, Wuxi and Hangzhou on Tuesday. Large traders flocked to sell, pushing up supply. Downstream consumption remained poor. In the afternoon, a few deals closed at RMB 11,910/mt.