SHANGHAI, Sept. 23 (SMM) –SHFE 1512 aluminum rose to the 20-day moving average after opening at RMB 11,840/mt on Tuesday, due to entry of longs. However, shorts jumped in at RMB 11,940/mt, causing the contract to pare gains and end down RMB 30/mt or 0.25% at RMB 11,890/mt. Trading volumes were down 5,872 lots to 29,346 lots, and positions were up 6,060 lots to 124,000 lots. Bearish sentiment is still strong.
SHFE aluminum slumped, leaving sellers in east China spot aluminum market in a rush to sell. Prices were mainly between RMB 11,750-11,770/mt in Shanghai, discounts of RMB 70-50/mt over SHFE 1510 aluminum, versus RMB 11,750-11,770/mt in Wuxi and RMB 11,750-11,760/mt in Hangzhou. In the afternoon, a few deals closed around RMB 11,770/mt.