SHANGHAI, Sept. 18 (SMM) –SHFE 1511 aluminum rose to RMB 11,965/mt after opening at RMB 11,920/mt on Thursday, due to exit of shorts. Finally, the most active contract ended up RMB 20/mt at RMB 11,955/mt. Trading volumes were up 794 lots to 19,422 lots, and positions were down 1,368 lots to 113,000 lots.
Downstream buyers and traders were active in east China spot aluminum market on Thursday, allowing cargo holders to hold offers firm. Prices were mainly between RMB 11,840-11,850/mt in Shanghai, discounts of RMB 60-50/mt over SHFE 1510 aluminum, versus RMB 11,840-11,850/mt in Wuxi and RMB 11,830-11,840/mt in Hangzhou. Aluminum ingot traded at RMB 11,740/mt in Henan’s Gongyi, where stocks grew to 55,000 mt due to large arrivals. In the afternoon, a few deals closed at RMB 11,820-11,830/mt.