SHANGHAI, Sept. 17 (SMM) –SHFE 1511 aluminum dipped to RMB 11,875/mt after opening at RMB 11,930/mt on Wednesday. But the contract rebounded later as Chinese stock market rebounded significantly, ending up RMB 35/mt or 0.29% at RMB 11,935/mt. Trading volumes were down 9,152 lots to 18,628 lots, and positions were down 604 lots to 114,000 lots.
Market sentiment was a little bit bearish in east China spot aluminum market on Wednesday. Sellers were eager to sell, while downstream buyers restocked only to need. Prices were mainly between RMB 11,825-11,835/mt in Shanghai, discounts of RMB 55-45/mt over SHFE 1510 aluminum, versus RMB 11,820-11,840/mt in Wuxi and RMB 11,820-11,830/mt in Hangzhou. In the afternoon, a few deals closed at RMB 11,820-11,830/mt.