SHANGHAI, Mar. 21 (SMM) - SHFE 1406 aluminum contract dipped to RMB 12,635/mt after opening at RMB 12,835/mt on Wednesday night, but then rebounded to close the night session at RMB 13,010/mt. On Thursday, the most active contract fell again to RMB 12,830/mt before ending RMB 140/mt or 1.08% lower at RMB 12,810/mt. Trading volumes soared 31,950 lots to 61,616 lots, but positions were down 1,268 lots to 117,506 lots. On the technical side, June aluminum on the SHFE may level out soon.
Spot aluminum largely traded at RMB 12,400-12,420/mt in Shanghai on Thursday, RMB 12,390-12,420/mt in Wuxi, and RMB 12,430-12,450/mt in Hangzhou. Sellers became anxious to sell against falling SHFE 1404 aluminum contract and mounting inventories, but tight cash drove downstream producers into a wait-and-see posture. In the afternoon, prices remained little changed, and trading was light.