SHANGHAI, Apr. 29 (SMM) –SHFE 1507 aluminum contract fell to RMB 13,300/mt on Tuesday morning, and dropped further to RMB 13,280/mt in afternoon session. Prices rallied later to end at RMB 13,320/mt. Trading volumes totaled 52,922 lots, and positions were up 3,752 to 137,144. Technically, prices are expected to stage a rally, though.
Spot aluminum largely traded between RMB 13,090-13100/mt in Shanghai on Tuesday, discounts of RMB 180-190/mt over SHFE 1505 aluminum contract, versus RMB 13,070-13,090/mt in Wuxi, and RMB 13,120-13,130/mt in Hangzhou. SHFE 1505 aluminum contract gave back most of gains made in previous day, promoting sellers in spot market to cut offers. Processors went bargain hunting in small amounts, while traders showed little interest. In the afternoon, market turned quiet.