SHANGHAI, Apr. 10 (SMM) –SHFE 1506 aluminum contract dived to RMB 13,135/mt due to tumbling crude oil and power tariff cuts after starting Wednesday’s night session at RMB 13,315/mt, and closed at RMB 13,215/mt. Trading volumes totaled 26,820 lots, with positions up 1,690 to 125,446. 

 

On Thursday, the most active contract dived to RMB 13,050/mt as bears flooded in, but rallied to RMB 13,320/mt later before ending at RMB 13,240/mt. Trading volumes totaled 97,334 lots, with positions down 3,340 to 120,416.  

 

Spot aluminum largely traded between RMB 13,030-13,060/mt in Shanghai on Thursday, discounts of RMB 80-110/mt over SHFE 1504 aluminum contract, versus RMB 13,020-13,040/mt in Wuxi, and RMB 13,040-13,070/mt in Hangzhou. SHFE 1504 aluminum contract lost over 1.5%, sending spot prices down as well. Lower prices lured some traders and processors in. In the afternoon, trading was muted