SHANGHAI, Jun. 11 (SMM) –SHFE 1508 aluminum was range-bound on Wednesday amid quiet macro front. The contract climbed to RMB 12,960/mt in the afternoon, but then fell back to end at RMB 12,930/mt.
Spot aluminum largely traded between RMB 12,750-12,760/mt in Shanghai on Wednesday, discounts of RMB 50-60/mt over SHFE 1506 aluminum contract, versus RMB 12,740-12,760/mt in Wuxi, and RMB 12,770-12,790/mt in Hangzhou. Sellers were eager to sell, but buyers sat tight, waiting for prices to fall. In the afternoon, some suppliers in Wuxi held offers at the lower end of the price range against high levels of inventories on hand. A few buyers went bargain hunting.
