SHANGHAI, Jun. 3 (SMM) –On Monday night, SHFE 1508 aluminum contract rose to RMB 13,200/mt after opening at RMB 13,170/mt, and ended the night session at RMB 13,190/mt. On Tuesday, the most active contract ended at an intraday low of RMB 13,155/mt. Trading volumes totaled 27,010 lots, and positions were up 7,588 to 132,758. Prices will remain at current lows in the short term in the absence of positive news.
Spot aluminum largely traded between RMB 12,950-12,960/mt in Shanghai on Tuesday, discounts of RMB 90-110/mt over SHFE 1506 aluminum contract, versus RMB 12,930-12,950/mt in Wuxi, and RMB 12,990-13,000/mt in Hangzhou. Downstream consumption was brisk early in the morning, but cooled near the lunchtime. In the afternoon, trading became subdued.
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