SHANGHAI, Jun. 11 (SMM) – 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 before finishing the night session at RMB 13,535/mt. Trading volumes totaled 354,088 lots, with positions up 204 lots to 181,556 lots. On Tuesday, SHFE aluminum for August delivery dropped in early session, but rebounded to RMB 13,620/mt in the afternoon before ending up RMB 70/mt at RMB 13,615/mt. Trading volumes soared another 102,870 lots, with positions down 6,810 lots to 174,338 lots. Chances for further price rise are slim.
Spot aluminum largely traded between RMB 13,300-13,310/mt in Shanghai on Tuesday, a discount of RMB 80-90/mt over SHFE 1406 aluminum contract. Mainstream traded prices were RMB 13,280-13,290/mt Wuxi and RMB 13,330-13,340/mt in Hangzhou. SHFE aluminum prices gave back gains, keeping buyers in physical markets cautious. In the afternoon, sellers raised offers to RMB 13,320-13,350/mt after SHFE aluminum prices rebounded.