SHANGHAI, Nov. 2 (SMM) –SHFE 1601 aluminum opened at RMB 10,320/mt on Friday. The most active contract climbed to RMB 10,390/mt on exit of shorts, but fell back after meeting resistance at the 5-day moving average. Finally, the contract ended up RMB 5/mt or 0.05% at RMB 10,350/mt. Trading volumes were down 153,000 lots to 191,000 lots, and positions were up 4,530 to 265,000. Positions of SHFE aluminum index grew 2,966 to 613,000. Dip-buying was reported.
In east China spot aluminum market, downstream buying picked up on Friday, allowing prices to rebound slightly. Prices were mainly between RMB 10,280-10,295/mt in Shanghai, discount of RMB 90-50/mt over SHFE 1511 aluminum, versus RMB 10,280-10,300/mt in Wuxi, and RMB 10,270-10,280/mt in Hangzhou.
