SHANGHAI, Jun. 18 (SMM) – SHFE 1508 aluminum contract prices opened at RMB 12,680/mt Tuesday evening, then edged down. SHFE 1508 aluminum contract prices fluctuated around RMB 12700/mt on Wednesday, then dropped to as low as RMB 12,665/mt in the afternoon and closed at RMB 12,675/mt, down RMB 30/mt or 0.24%. Trading volumes were 20,752 lots, down 11,106 lots, and total positions decreased 428 to 122,972. Positions of SHFE 1509 aluminum contracts grew noticeably.
SHFE spot-month aluminum contract prices rose slightly on Wednesday, but met pressure from moving averages. Spot aluminum prices in Shanghai were RMB 12,580-12,590/mt, with spot discounts of RMB 80-90/mt. Mainstream prices in Wuxi were RMB 12,570-12,590/mt, with RMB 12,600-12,620/mt in Hangzhou. Cargo holders sold proactively, but downstream buying interest was low, leaving trading quieter than the same period last year. Warehouses also reported slow delivery. Quotes from traders were lowered in the afternoon as SHFE aluminum price extended losses, but market players refrained from buying.
