SHANGHAI, Nov. 9 (SMM) –SHFE 1601 aluminum jumped to an intraday high of RMB 10,625/mt after opening at RMB 10,535/mt on Friday. But prices then fell back to close down RMB 15/mt or 0.14% at RMB 10,545/mt. Trading volumes were down 103,000 lots to 205,000 lots, and positions were down 3,836 to 237,000. Technical side is positive, and SHFE aluminum has found strong support at RMB 10,500/mt.
In east China spot aluminum market, demand was poor, despite upcoming weekend. Prices were mainly between RMB 10,360-10,380/mt in Shanghai on Friday, discount of RMB 130-110/mt over SHFE 1511 aluminum, versus RMB 10,360-10,390/mt in Wuxi and RMB 10,370-10,390/mt in Hangzhou. In the afternoon, trading remained thin.