SHANGHAI, Apr. 17 (SMM) – On Tuesday night, SHFE 1406 aluminum contract climbed above the 5-day moving average after starting at RMB 13,150/mt, and finished the night session at RMB 13,180/mt. Trading volumes totaled 6,576 lots, and positions contracted 300 lots to 122,252 lots. China’s GDP grew 7.4% in Q1. The growth slowed down, but did beat forecasts. Value added at China’s large-scale industrial enterprises in March and fixed asset investment in China’s urban areas during Q1 both grew at a slower pace on an annual basis. However, market reaction was mild. The most active contract was range-bound on Wednesday, and closed the day at RMB 13,185/mt. Trading volumes totaled 8,586 lots, and positions fell 1,982 lots to 120,270 lots.
Spot aluminum largely traded at RMB 12,950-12,960/mt in Shanghai, RMB 12,940-12,950/mt in Wuxi, and RMB 12,940-12,960/mt in Hangzhou on Wednesday. Buyers pushed for lower prices and trading activity thinned compared to previous days. In the afternoon, a few cut offers to RMB 12,940/mt, but few deals were done.