SMM Aluminum Market Daily Review (2014-4-9)

SHANGHAI, Apr. 10 (SMM) – On Tuesday night, SHFE 1406 aluminum contract crept higher to RMB 13,130/mt after starting at RMB 13,075/mt, and finished the night session at RMB 13,130/mt. Trading volumes totaled 4,666 lots, and positions gained 302 lots to 124,044 lots. On Wednesday, the most active contract slid to RMB 13,035/mt before ending the daytime trading hours RMB 55/mt lower at RMB 13,060/mt. Trading volumes totaled 15,126 lots, and positions contracted 420 lots to 123,322 lots. 

Spot aluminum largely traded at RMB 12,770-12,780/mt in Shanghai and Wuxi, and RMB 12,780-12,790/mt in Hangzhou on Wednesday. SHFE 1404 aluminum contract lacked upward momentum, leaving sellers anxious to sell. Traders were cautious about buying, while downstream producers bought only to need. In the afternoon, sparse quotations were reported at RMB 12,770/mt, but trading was muted.