SHANGHAI, Mar. 14 (SMM) – The most active SHFE aluminum contract for May delivery gained a slight RMB 25/mt or 0.15% closing at RMB 16,200/mt on Tuesday, after the Greek debt swap deal was struck while cautiousness stayed before the Fed interest rate meeting. SMM expects the contract to wander near RMB 16,200/mt in the near term as fundamentals stay weak.
Spot aluminum traded between RMB 15,930-15,960/mt, at discounts of RMB 10-40/mt over the SHFE current-month aluminum price in Shanghai. Low-iron aluminum was traded between RMB 16,030-16,050/mt. Trading only slightly improved after the Greek debt swap deal as weak demand continues to weigh on the light metal.