SHANGHAI, Apr. 3 (SMM) –SHFE 1506 aluminum contract slipped to RMB 13,330/mt after starting Wednesday’s night session at RMB 13,350/mt, and closed at a session high of RMB 13,380/mt. Trading volumes totaled 9,208 lots, with positions up 786 to 126,186.
On Thursday, June aluminum on the SHFE rose to RMB 13,400/mt, but then retreated to RMB 13,375/mt before ending at RMB 13,370/mt. Trading volumes totaled 27,312 lots, with positions up 3,002 to 128,402.
Spot aluminum largely traded between RMB 13,280-13,290/mt in Shanghai on Thursday, discounts of RMB 110-120/mt over SHFE 1504 aluminum contract, versus RMB 13,240-13,270/mt in Wuxi, and RMB 13,320-13,330/mt in Hangzhou. Hedged goods flowed in due to narrowing spot discounts, pushing up market supply. Downstream demand picked up slightly. In the afternoon, trading became muted.