SHANGHAI, Mar. 7 (SMM) – SHFE 1405 aluminum contract slid to RMB 13,275/mt after starting Wednesday’s night session higher at RMB 13,320/mt, and closed down RMB 10/mt at RMB 13,285/mt. Trading volumes during the night hours totaled 3,292 lots and positions added 254 lots to 97,434 lots. The most active contract fell further to RMB 13,225/mt due to profit taking on Thursday before finishing at RMB 13,240/mt, down RMB 55/mt or 0.41%. Trading volumes during the daytime session totaled 14,482 lots, and positions were up 402 lots to 97,842 lots.
Spot aluminum largely traded at RMB 12,800-12,810/mt in Shanghai on Thursday, RMB 12,760-12,780/mt in Wuxi, and RMB 12,820-12,830/mt in Hangzhou. SHFE 1403 aluminum contract prices surrendered gains built up yesterday, souring market sentiment. Downstream producers bought to need, while traders stayed out of the market. In the afternoon, suppliers cut quotes to RMB 12,790/mt, but raised offers to RMB 12,800/mt after SHFE aluminum prices stabilized. Trading was thin.