SHANGHAI, Apr. 16 (SMM) –On Wednesday night, SHFE 1506 aluminum contract drifted higher after starting at RMB 13,060/mt, thanks to rising LME aluminum and technical correction. The most active contract ended at a session high of RMB 13,115/mt. Trading volumes totaled 9,558 lots, with positions up 1,814 to 123,488.
On Thursday, the most active contract hovered around RMB 13,100/mt in the morning, but jumped to RMB 13,195/mt at the tail of the session as bulls entered. Finally, the light metal ended at RMB 13,180/mt. Trading volumes totaled 31,486 lots, with positions up 494 to 31,486. Prices look set to regain RMB 13,200/mt since market sentiment is improving.