SHANGHAI, Mar. 27 (SMM) – On Tuesday night, SHFE 1406 aluminum contract dipped to RMB 12,905/mt after opening higher at RMB 12,950/mt, and closed at RMB 12,925/mt. Trading volumes were 11,240 lots, while positions were off 342 lots to 118,826 lots. On Wednesday, the most active contract fell further to RMB 12,850/mt, but later recovered early losses to end up RMB 135/mt, or 1.05%, at RMB 12,940/mt. Trading volumes during the daytime session totaled 16,294 lots, and positions shrunk 1,576 lots to 117,250 lots.
Spot aluminum largely traded at RMB 12,350-12,370/mt in Shanghai on Wednesday, RMB 12,340-12,360/mt in Wuxi, and RMB 12,350-12,370/mt in Hangzhou. Buyers went bargain hunting early in the morning, but withdrew once prices rose. In the afternoon, SHFE 1404 aluminum contract drifted higher, allowing some sellers in spot markets to hike offers to RMB 12,380-12,390/mt.