SHANGHAI, Apr. 15 (SMM) –On Tuesday night, SHFE 1506 aluminum contract dropped to RMB 13,025/mt after starting at RMB 13,040/mt. But prices rallied to RMB 13,105/mt later on rising LME aluminum and technical correction before ending the night session at RMB 13,075/mt. Trading volumes totaled 8,738 lots, with positions up 928 to 120,000.
China’s GDP growth slowed to 7% in Q1, raising hopes for RRR cuts in Q2 to boost flagging economy. Strong risk aversion sentiment before the release of Q1 GDP sent the most active contract down to RMB 13,005/mt. But the light metal bounced back to RMB 13,090/mt later due to robust gains in SHFE zinc and lead, and ended Wednesday at RMB 13,060/mt. Trading volumes totaled 27,882 lots, with positions up 2,602 to 121,674.
Positions of SHFE 1504 aluminum contract dropped to 22,180 lots since today is its delivery date. The contract closed the day at RMB 13,085/mt.