SHANGHAI, Mar. 6 (SMM) – SHFE 1405 aluminum contract crept up to RMB 13,340/mt after starting Tuesday’s night session at RMB 13,265/mt, and ended at RMB 13,330/mt. Trading volumes during the night hours totaled 8,504 lots, and positions added 648 lots to 95,860 lots. The most active contract retreated to RMB 13,265/mt on Wednesday, but rebounded as the closing bell approached, closing up RMB 75/mt or 0.57% at RMB 13,295/mt. Trading volumes during the daytime session totaled 11,032 lots, and positions were up 1,320 lots to 97,180 lots. Although the KDJ indicator is pointing upward, tensions in Ukraine will keep investors cautious, leaving the light metal vulnerable to losses.
Spot aluminum largely traded at RMB 12,830-12,840/mt in Shanghai on Wednesday, RMB 12,810-12,820/mt in Wuxi, and RMB 12,840-12,850/mt in Hangzhou. Spot aluminum prices followed SHFE aluminum prices up, but gained less. Rising prices gave sellers incentive to sell, but buyers generally took a wait-and-see stance. In the afternoon, a few downstream producers increased purchases, allowing sellers to raise prices slightly to RMB 12,840/mt.