SHANGHAI, Jun. 18 (SMM) – On Monday night, SHFE 1408 aluminum contract crept higher to RMB 13,500/mt after starting at RMB 13,450/mt, and finished the night session at RMB 13,450/mt. Trading volumes totaled 28,222 lots, with positions up 1,838 lots to 153,424 lots. On Tuesday, the most active contract vacillated between the 10-day and 20-day moving average before closing at RMB 13,460/mt. Trading volumes totaled 22,582 lots, with positions down 5,666 lots to 147,758 lots. At current positions, SHFE aluminum contract for September delivery may become the most active one in the near term.
Spot aluminum largely traded between RMB 13,270-13,290/mt in Shanghai on Tuesday, a discount of RMB 100-120/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,280-13,290/mt Wuxi and RMB 13,290-13,300/mt in Hangzhou. Downstream producers entered the market out of bullishness, sending prices up. In the afternoon, offers remained stable, but trading was thin.
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn