SHANGHAI, Apr. 13 (SMM) –On Thursday night, SHFE 1506 aluminum contract moved sideways after starting at RMB 13,245/mt, and closed the night session at RMB 13,240/mt. Trading volumes totaled 13,744 lots, with positions down 2,348 to 118,068.
China’s inflation data released on Friday met expectations. SHFE lead hit its daily upside limit, boosting investor sentiment. This allowed the most active SHFE aluminum contract to rise to RMB 13,275/mt before ending at RMB 13,265/mt. Trading volumes totaled 31,024 lots, with positions down 5,426 to 114,990.
Spot aluminum largely traded between RMB 13,130-13,150/mt in Shanghai on Friday, discounts of RMB 80-90/mt over SHFE 1504 aluminum contract, versus RMB 13,130-13,140/mt in Wuxi, and RMB 13,170-13,180/mt in Hangzhou. SHFE 1504 aluminum contract stopped falling, and downstream demand picked up, allowing prices to rally. In the afternoon, sellers raised offers after SHFE aluminum crawled up, with a few transactions reported.