SHANGHAI, Mar. 13 (SMM) – SHFE 1406 aluminum contract started Tuesday’s night session at RMB 13,225/mt. The most active contract climbed to RMB 13,245/mt before falling back to RMB 13,155/mt, ending the session at RMB 13,170/mt. Trading volumes during the night hours totaled 5,026 lots, and positions added 302 lots to 102,908 lots. On Wednesday, the most active SHFE copper hit its downside limit, triggering selloffs in SHFE aluminum market. As a consequence, SHFE aluminum for June delivery fell to RMB 13,150/mt. The light metal, however, bounced back to RMB 13,255/mt after SHFE copper rallied, and finished RMB 35/mt higher at RMB 13,250/mt. Trading volumes during the daytime hours totaled 16,722 lots, and positions were up 594 lots to 103,502 lots. SHFE 1406 aluminum contract will unlikely break through moving averages, though, as bearishness still lingers.
Spot aluminum largely traded at RMB 12,660-12,680/mt in Shanghai on Wednesday, and RMB 12,690-12,700/mt in Wuxi and Hangzhou. Sellers held back goods now that SHFE 1403 aluminum contract has rebounded, but downstream producers showed little buying interest out of pessimism. In the afternoon, sellers raised prices slightly to RMB 12,680-12,690/mt, but trading came to a virtual standstill.