SHANGHAI, Mar. 14 (SMM) – SHFE 1306 aluminum contract prices opened at RMB 14,860/mt on March 13. The State Reserve Bureau (SRB) will invite tenders to buy aluminum ingot on Friday, enticing longs to increase buying. In this context, the most active SHFE aluminum contract climbed above RMB 14,900/mt, and finally closed RMB 65/mt or 0.44% higher at RMB 14,925/mt. Positions increased 3,988 lots to 97,582 lots. However, longs were limited, so the most-traded SHFE aluminum should stagnate at RMB 14,900/mt in the short term.
Spot aluminum was mainly traded at RMB 14,540-14,550/mt in Shanghai on Wednesday, with discounts at RMB 70-90/mt. Low-iron aluminum was traded around RMB 14,700/mt. SHFE 1306 aluminum contract prices shot up, but spot aluminum prices rose only slightly, with strong resistance felt at RMB 14,550/mt due to sluggish consumption. Only middlemen were modestly interested in bargain-hunting amid high discounts, leaving overall trading moderate. In the afternoon, prices of the most active SHFE aluminum contracts remained firm. Sparse offers were reported at RMB 14,560/mt, but few deals were completed.