SHANGHAI, Aug. 27 (SMM) –SHFE 1510 aluminum sank to RMB 11,860/mt after opening at RMB 11,910/mt on Wednesday. The contract ended down RMB 15/mt or 0.13% at RMB 11,855/mt. Trading volumes were down 1,818 lots to 40,152 lots, and positions were down 3,460 lots to 118,000 lots. SHFE 1511 aluminum contract has become the most active one. Despite PBOC’s monetary easing, aluminum prices failed to sustain gains. More losses are expected.
Aluminum prices were mainly between RMB 11,740-11,770/mt in Shanghai on Wednesday, discounts of RMB 80-100/mt over September aluminum on the SHFE, versus RMB 11,750-11,780/mt in Wuxi and RMB 11,740-11,770/mt in Hangzhou. Aluminum prices continued falling, luring some downstream buyers to enter the market. In the afternoon, a deals closed at RMB 11,760-11,770/mt.