SHANGHAI, Apr. 3 (SMM) – On Tuesday night, SHFE 1406 aluminum contract slipped to RMB 13,000/mt after starting at RMB 13,030/mt, but then recovered some losses to end the night session at RMB 13,020/mt. Trading volumes totaled 3,044 lots, and positions decreased 12 lots to 118,276 lots. On Wednesday, the most active contract drifted lower to RMB 12,930/mt before rebounding to RMB 13,090/mt and closing the daytime session RMB 40/mt higher at RMB 13,080/mt. Trading volumes totaled 34,968 lots, and positions surged 5,032 lots to 123,708 lots.
Spot aluminum largely traded at RMB 12,650-12,670/mt in Shanghai on Wednesday morning, RMB 12,640-12,680/mt in Wuxi, and RMB 12,670-12,690/mt in Hangzhou. The pullback in SHFE current-month aluminum contract prices drove downstream producers and traders to the sidelines, forcing sellers to cut offers to RMB 12,630/mt near mid-day. In the afternoon, suppliers held back goods as the rally in SHFE aluminum turned them bullish over future prices.