SHANGHAI, Aug. 24 (SMM) –SHFE 1510 aluminum opened at RMB 12,065/mt last Friday. The contract fell to RMB 11,980/mt due to exit of longs, and ended down RMB 45/mt or 0.37% at RMB 11,990/mt. Trading volumes were down 1,222 lots to 25,474 lots, and positions were down 2,168 to 131,000. The most active contract should struggle around RMB 12,000/mt in the short term.
SHFE 1509 aluminum returned above RMB 12,000/mt, hovering around RMB 12,010/mt on Friday morning. Aluminum prices were mainly between RMB 11,890-11,910/mt in Shanghai, discounts of RMB 100-120/mt over September aluminum on the SHFE, versus RMB 11,880-11,910/mt in Wuxi and RMB 11,890-11,910/mt in Hangzhou. Goods offered at RMB 11,900/mt were quickly sold out, allowing prices to rise above RMB 11,900/mt. Large traders stockpiled goods at low prices, leaving trading brisk. In the afternoon, spot aluminum traded at RMB 11,870-11,880/mt, discounts of RMB 90-100/mt over SHFE 1509 aluminum.