Shanghai Metal Market
South China Aluminum: Violent Fluctuation in Futures Market with Active Transactions Only at Noon
Edited by : AL CIRCLE
1 min read
Most active SHFE aluminum contract led a drop on Tuesday morning after rising high for 2 consecutive days, but strongly rebounded later driven by SHFE copper prices which surged to limit-up. This boosted confidence in aluminum prices among downstream buyers, with relatively high buying interest in spot aluminum market in south China. Traded prices increased slightly and mainstream transactions were done at RMB 16,540-16,560/mt. However, SHFE aluminum surrendered early gains of the day after its afternoon opening with more than 1% decrease, dragging spot aluminum prices down to RMB 16,520-16,540/mt. The violent fluctuation in futures market resulted in stronger wait-and-see sentiment, and market turned quiet gradually.
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