SHANGHAI, Mar. 21 (SMM) – The most active SHFE aluminum contract opened higher at RMB 16,180/mt on Tuesday following overnight gains of LME tin, but closed little changed from the previous trading day as the falling Shanghai Composite Index damped market confidence. SMM expects the contract to continue narrowly fluctuating above RMB 16,150/mt in the near term as a result of light trading and quietness on the macroeconomic side.
Spot aluminum traded between RMB 15,970-16,000/mt in Shanghai, at discounts of RMB 50-80/mt over the SHFE current-month aluminum price. Goods holders showed strong liquidating interest at high end prices but light trading indicates little consensus from the buyer side.