SHANGHAI, Sept. 9 (SMM) –SHFE 1511 aluminum moved around the 5-day and 10-day moving averages after opening at RMB 11,885/mt on Tuesday. The Shanghai Composite Index shot up in the last hour of the trading day, allowing the most active contract to close at an intraday high of RMB 11,915/mt, up RMB 30/mt or 0.25% . Trading volumes were up 6,088 lots to 24,578 lots, and positions were down 3,958 lots to 116,000 lots. With poor market fundamentals, prices are unlikely to extend gains.
Aluminum prices were mainly between RMB 11,730-11,740/mt in Shanghai on Tuesday, discounts of RMB 70-60/mt over SHFE 1509 aluminum, versus RMB 11,730-11,750/mt in Wuxi and RMB 11,730-11,740/mt in Hangzhou. Supply was ample, but buying was poor, causing spot discounts to widen. In the afternoon, prices returned to RMB 11,740/mt.