SHANGHAI, Apr. 11 (SMM) – On Wednesday night, SHFE 1406 aluminum contract followed LME aluminum up to RMB 13,220/mt after starting at RMB 13,050/mt, and finished the night session at RMB 13,180/mt. Trading volumes grew to 19,196 lots, and positions soared 3,558 lots to 126,880 lots. On Thursday, the most active contract retreated to RMB 13,105/mt as China posted negative growth in exports for a second straight month in March. The light metal, however, rebounded afterwards, ending the daytime trading hours RMB 70/mt or 0.53% higher at RMB 13,160/mt. Trading volumes totaled 24,766 lots, and positions increased 2,846 lots to 126,168 lots.
Spot aluminum largely traded at RMB 12,820-12,830/mt in Shanghai, RMB 12,810-12,820/mt in Wuxi, and RMB 12,820-12,840/mt in Hangzhou on Thursday. Sellers showed high selling interest now that prices have risen, while downstream producers bought only to need. The price rise did not stoke much buying. In the afternoon, suppliers held offers at RMB 12,820-12,830/mt, and trading was modest.