SHANGHAI, Sept. 28 (SMM) –SHFE 1512 aluminum opened at RMB 11,820/mt on Friday, and moved between RMB 11,800-11,840/mt for most of the day. Finally, the most active contract ended up RMB 25/mt or 0.21% at RMB 11,825/mt. Trading volumes were down 1,546 lots to 33,610 lots, and positions were down 64 lots to 142,000 lots. The 5-day moving average will continue posing strong resistance.
Sellers in east China spot aluminum market rushed to sell on Friday, limiting the upside room of prices. Prices were mainly between RMB 11,780-11,790/mt in Shanghai, discounts of RMB 10-20/mt over SHFE 1510 aluminum, versus RMB 11,780-11,790/mt in Wuxi and RMB 11,770-11,780/mt in Hangzhou. Some small and medium traders will exit the market next week as the week-long holiday is just around the corner. In the afternoon, trading activity waned, and traded prices were RMB 11,780-11,790/mt.