SHANGHAI, Mar. 20 (SMM) - SHFE 1406 aluminum contract crept up to RMB 13,035/mt after starting Tuesday’s night session at RMB 12,990/mt, and closed the session at RMB 13,020/mt. Trading volumes during the night hours totaled 7,054 lots, and positions added 1,978 lots to 116,418 lots. The most active contract slid to RMB 12,880/mt on Wednesday before ending the session at RMB 12,900/mt. Trading volumes during the daytime hours totaled 22,612 lots, and positions were up 4,334 lots to 118,774 lots. Rampant bearish sentiment means prices will fall further.
Spot aluminum in east China followed SHFE aluminum down below RMB 12,500/mt on Wednesday. Prices were 12,450-12,460/mt in Shanghai and Hangzhou, and RMB 12,430-12,450/mt in Wuxi. A few went bargain hunting earlier today, but held to the sidelines after suppliers sold aggressively. In the afternoon, suppliers cut offers to RMB 12,440-12,450/mt, but lower prices did not stoke buying.