SHANGHAI, Jun. 19 (SMM) – On Tuesday night, SHFE 1408 aluminum contract started at RMB 13,440/mt, and finished the night session at RMB 13,465/mt. Trading volumes totaled 32,054 lots, with positions up 234 lots to 147,992 lots. On Wednesday, housing data announced by the National Bureau of Statistics indicated that China’s property sector cooled at a faster pace. This caused the most active contract to tumble to RMB 13,380/mt and close the day at RMB 13,390/mt. Trading volumes totaled 30,684 lots, with positions down 5,420 lots to 142,338 lots.
Spot aluminum largely traded between RMB 13,280-13,290/mt in Shanghai and Wuxi on Wednesday, a discount of RMB 90-100/mt over SHFE 1407 aluminum contract. Mainstream traded prices were RMB 13,290-13,300/mt in Hangzhou. SHFE front-month contract has been moving sideways for several days, so wait-and-see sentiment among downstream producers faded, pushing the low-end price up. In the afternoon, prices for the front-month contract drifted lower, sending spot aluminum prices down to RMB 13,260-13,270/mt. Trading was muted.