SHANGHAI, Mar. 29 (SMM) – The most active SHFE aluminum contract for June delivery closed down RMB 60/mt or 0.3% at RMB 16,180/mt on Wednesday, amid losses in Asian equity markets led by the Shanghai Composite Index. Taking into consideration of staying weak demand, SMM expects the contract to slip below the 2-month low RMB 16,175/mt in the near term.
Spot aluminum traded between RMB 15,990-16,010/mt in Shanghai, at discounts of RMB 30-50/mt over the SHFE current-month aluminum price. Goods holders still stick to the RMB 16,000/mt mark, which effectively lifted low-end traded prices. Deals above RMB 16,000/mt stayed quite sparse, however, amid split attitudes and weak demand.