SHANGHAI, Apr. 1 (SMM) –SHFE 1506 aluminum contract climbed to RMB 13,380/mt after starting Monday’s night session at RMB 13,315/mt as the Chinese government introduced favorable polices to shore up property market. The contract closed at RMB 13,375/mt. Trading volumes totaled 14,914 lots, with positions up 4,452 to 124,598.
On Tuesday, June aluminum on the SHFE hit RMB 13,420/mt, its highest in over three months as investors continued to digest favorable policies in the housing market. Finally, the contract ended at RMB 13,370/mt. Trading volumes totaled 58,312 lots, with positions up 6,500 to 126,646.
Spot aluminum largely traded between RMB 13,220-13,240/mt in Shanghai on Tuesday, discounts of RMB 160-180/mt over SHFE 1504 aluminum contract, versus RMB 13,210-13,230/mt in Wuxi, and RMB 13,260-13,270/mt in Hangzhou. SHFE 1504 aluminum contract touched its highest in over three months at RMB 13,420/mt, turning market players in physical market bullish. Traders stockpiled goods aggressively, pushing prices up. In the afternoon, sellers held back goods in hopes of higher prices, with few deals reported.