SHANGHAI, Nov. 16 (SMM) –SHFE 1601 aluminum opened at RMB 10,110/mt on Friday. The contract climbed to RMB 10,150/mt due to long buying and rose further to RMB 10,195/mt. But the contract pulled back to RMB 10,105/mt later as longs took profit at highs. Finally, the most active contract ended at RMB 10,150/mt. Trading volumes were up 58,820 lots to 266,094 lots, and positions were down 13,430 to 260,302. Investors should be aware of possible reentry of shorts.
In east China spot aluminum market, rising SHFE aluminum and a slight pick-up in demand allowed spot prices to rebound on Friday. Prices were mainly between RMB 10,110-10,120/mt in Shanghai and Wuxi, discount of RMB 160-150/mt over SHFE 1511 aluminum, versus RMB 10,110-10,130/mt in Hangzhou. In the afternoon, trading remained thin, with prices stable.