SHANGHAI, Apr. 1 (SMM) – SHFE 1306 aluminum contract prices followed LME aluminum prices down to RMB 14,615/mt early last week, with little upward momentum for the remainder of the week. The most active SHFE aluminum contract should test support at RMB 14,600/mt in the near term.
Spot aluminum prices in Shanghai fell from RMB 14,560/mt to RMB 14,480/mt last week as tightening liquidity at the quarter’s end drove traders to sell aggressively against tepid buying interest. Traders in Wuxi and Hangzhou held offers comparatively firm, helping aluminum prices stabilize at RMB 14,500/mt, though volumes were thin.
In this coming week, LME aluminum prices should test support at USD 1,900/mt, while prices for the most active SHFE aluminum contracts will meet growing resistance at RMB 14,700/mt. Spot aluminum prices should hover near RMB 14,500/mt, with spot discounts expected at RMB 50/mt as liquidity increases at the start of the new month.