SHANGHAI, Sept. 11 (SMM) –SHFE 1511 aluminum opened at RMB 12,025/mt on Thursday. The most active contract dipped to RMB 11,950/mt, but did find strong support at the 5-day moving average. In the afternoon, the contract broke through the 40-day moving average, and ended down RMB 50/mt at RMB 12,010/mt. Trading volumes were down 17,442 lots to 37,326 lots, and positions were down 598 lots to 118,000 lots. The contract should struggle around RMB 12,000/mt while looking for direction.
Aluminum prices were mainly between RMB 11,820-11,830/mt in Shanghai on Thursday, discounts of RMB 60-40/mt over SHFE 1509 aluminum, versus RMB 11,810-11,830/mt in Wuxi and RMB 11,820-11,830/mt in Hangzhou. Sellers held back after SHFE aluminum fell, and traders showed lower buying interest, leaving trading subdued. Downstream consumption remained sluggish. In the afternoon, mainstream traded prices were RMB 11,830-11,840/mt.
