SHANGHAI, Mar. 19 (SMM) – SHFE 1406 aluminum contract hit a new low of RMB 13,030/mt after starting Monday’s night session at RMB 13,105/mt, and ended the session at RMB 13,035/mt. Trading volumes during the night hours totaled 7,068 lots, and positions added 1,974 lots to 111,922 lots. The most active contract fell further to RMB 12,985/mt on Tuesday before closing down RMB 105/mt or 0.8% at RMB 13,010/mt. Trading volumes during the daytime hours totaled 19,878 lots, and positions were up 4,492 lots to 114,440 lots. June aluminum on the SHFE should be vulnerable at RMB 13,000/mt in the near term.

Spot aluminum largely traded at RMB 12,540-12,560/mt in Shanghai on Tuesday, RMB 12,530-12,550/mt in Wuxi, and RMB 12,530-12,540/mt in Hangzhou. SHFE 1404 aluminum contract shed around RMB 100/mt, fuelling pessimism among buyers in spot markets and leaving trading muted. In the afternoon, offers remained stable, but few transactions were concluded.