SHANGHAI, Apr. 4 (SMM) – On Wednesday night, SHFE 1406 aluminum contract crept higher to RMB 13,175/mt after starting at RMB 13,130/mt, but immediately fell back to end the night session at RMB 13,090/mt. Trading volumes totaled 16,786 lots, and positions increased 3,324 lots to 127,032 lots. On Thursday, the most active contract dropped further to RMB 13,035/mt, but rebounded later in the day, finishing the daytime session RMB 90/mt higher at RMB 13,110/mt. Trading volumes totaled 26,142 lots, and positions tumbled 4,162 lots to 122,870 lots.
Spot aluminum largely traded at RMB 12,690-12,700/mt in Shanghai and Wuxi on Thursday morning, and RMB 12,700-12,710/mt in Hangzhou. Falling SHFE aluminum left cargo holders eager to sell, but buyers were little interested in buying. In the afternoon, the rally in SHFE aluminum drove some suppliers to refrain from selling in hopes of better prices while allowing others to raise offers to RMB 12,700/mt.