SHANGHAI, Apr. 28 (SMM) – Last Thursday night, SHFE 1407 aluminum contract slipped to RMB 13,575/mt after starting at RMB 13,705/mt due to profit taking at highs, and finished the night session at RMB 13,615/mt. Trading volumes totaled 33,842 lots, and positions contracted 584 lots to 33,842 lots. Last Friday, the most active contract touched a session high of RMB 13,615/mt and a session low of RMB 13,495/mt before ending RMB 35/mt lower at RMB 13,580/mt. Trading volumes totaled 48,740 lots, and positions decreased 4,708 lots to 116,814 lots. The light metal should test support at RMB 13,500/mt in the near term.
Spot aluminum largely traded at RMB 13,440-13,460/mt in Shanghai, RMB 13,460-13,480/mt in Wuxi, and RMB 13,470-13,490/mt in Hangzhou last Friday. Despite the pullback in SHFE 1405 aluminum contract, cargo holders still held offers firm. Downstream producers increased stock building as the weekend was nearing, keeping trading brisk. In the afternoon, buyers finished stock buildup, forcing sellers to cut offers to RMB 13,400-13,410/mt.