SHANGHAI, Mar. 22 (SMM) – The most active SHFE aluminum contract for May delivery opened at RMB 16,135/mt, found its high at RMB 16,175/mt and closed down RMB 5/mt at RMB 16,160/mt on Wednesday. Positions dropped 858 lots to 44,684 lots after 3,908 lots of transactions. The contract is expected to stay in a narrow band in the near term as demand fails to pick up as in previous years lacking a direction.
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. Low-iron aluminum traded between RMB 16,060-16,090/mt. Traded prices of spot aluminum in Wuxi were between RMB 15,990-16,000/mt. The SHFE current-month aluminum price moved between RMB 16,040-16,055/mt. Spot discounts were little changed. While traders with capital strength held quotations at RMB 16,000/mt, those in need of cash offered goods at lower prices, leading to a slight drop in the mainstream trading band. Trading remained light, however, as buyers stayed on the sidelines.