Shanghai Metals Market
Spot aluminum traded at RMB 15,950-15,980/mt in Shanghai
Edited by : AL CIRCLE
1 min read
The most active SHFE aluminum contract for September delivery started lower and settled down RMB 55/mt or 0.34% at RMB 15,980/mt after a struggle near the RMB 16,000/mt mark. The trading range was only RMB 30/mt. Transactions were less than 10,000 lots due to cautious trading at month’s end. Positions added 3,316 lots to 95,550 lots. SHFE aluminum weakened amid losses in other base metals. Pressure increased at the RMB 16,000/mt mark. For the near term there is no real supportive news.
Spot aluminum traded at RMB 15,950-15,980/mt in Shanghai, at discounts of RMB 0-30/mt over the current-month SHFE aluminum price. The trading band is RMB 15,960-15,990/mt in Wuxi and RMB 15,970-15,990/mt in Hangzhou. SHFE aluminum prices slipped, with the near-term contracts being pressured at RMB 16,000/mt. Goods holders successively lowered quotations to move goods. Downstream buying was quite weak, however, on the second day before the month ends. Trading was limited and is expected to be even lighter today.
Spot aluminum traded at RMB 15,950-15,980/mt in Shanghai, at discounts of RMB 0-30/mt over the current-month SHFE aluminum price. The trading band is RMB 15,960-15,990/mt in Wuxi and RMB 15,970-15,990/mt in Hangzhou. SHFE aluminum prices slipped, with the near-term contracts being pressured at RMB 16,000/mt. Goods holders successively lowered quotations to move goods. Downstream buying was quite weak, however, on the second day before the month ends. Trading was limited and is expected to be even lighter today.
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