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On Monday night, SHFE 1408 aluminum contract started at RMB 13,700/mt. The most active contract nudged up to RMB 13,845/mt, but then fell back to RMB 13,510/mt, finishing the night session at RMB 13,535/mt. Trading volumes totaled 354,088 lots, with positions up 204 lots to 181,556 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,500-13,650/mt on Tuesday. In China’s physical market, demand will remain soft, with spot discounts of RMB 60-100/mt expected over SHFE 1406 aluminum contract.
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