SHANGHAI, Jun. 12 (SMM) – On Tuesday night, SHFE 1408 aluminum contract crept higher to RMB 13,700/mt after starting at RMB 13,595/mt, and finished the night session at RMB 13,665/mt. Trading volumes totaled 122,274 lots, with positions up 9,242 lots to 183,580 lots. On Wednesday, the most active contract declined to RMB 13,605/mt due to profit taking at highs before ending down RMB 40/mt at RMB 13,635/mt. Trading volumes totaled 77,334 lots, with positions down 1,136 lots to 182,444 lots.
Spot aluminum largely traded between RMB 13,370-13,380/mt in Shanghai on Wednesday, a discount of RMB 80-90/mt over SHFE 1406 aluminum contract. Mainstream traded prices were RMB 13,340-13,350/mt Wuxi and RMB 13,380-13,390/mt in Hangzhou. Trading activity improved from a day earlier. In the afternoon, rising SHFE aluminum prices allowed sellers to raise offers to RMB 13,390-13,400/mt, with thin trading volumes reported.