SHANGHAI, Mar. 13 (SMM) – LME aluminum crept up to USD 1,765.5/mt after opening at USD 1,750.5/mt on Wednesday, but then fell back to USD 1,741/mt. The light metal, however, followed LME copper up as the closing bell approached, finishing USD 11.5/mt or 0.66% higher at USD 1,763.5/mt. Trading volumes dropped 981 lots to 14,998 lots, and positions also fell 1,451 lots to 798,568 lots.
SHFE 1406 aluminum contract followed LME aluminum up to RMB 13,280/mt after starting Wednesday’s night session at RMB 13,235/mt, and ended the session at RMB 13,275/mt. Trading volumes during the night hours totaled 6,342 lots, and positions shrank 620 lots to 102,882 lots.
The most active SHFE aluminum contract will have little upward momentum on Thursday as investors may book profits at highs, with prices expected between RMB 13,220-13,290/mt. In China’s physical market, spot discounts are expected between RMB 200-240/mt over SHFE 1403 aluminum contract prices.