SHANGHAI, Nov. 11 (SMM) –SHFE 1601 aluminum tumbled to RMB 10,215/mt after opening at RMB 10,445/mt on Tuesday due entry of shorts. Finally, the most active contract ended down RMB 295/mt or 2.79% at RMB 10,270/mt. Trading volumes were up 140,000 lots to 367,000 lots, and positions were up 40,576 to 294,000.
In east China spot aluminum market, prices followed SHFE aluminum down sharply on Tuesday. Processors held back from buying, awaiting even lower prices. Prices were mainly between RMB 10,230-10,240/mt in Shanghai, discount of RMB 110-100/mt over SHFE 1511 aluminum, versus RMB 10,230-10,250/mt in Wuxi and RMB 10,220-10,240/mt in Hangzhou.