SHANGHAI, Jun. 20 (SMM) –SHFE 1708 aluminum opened at RMB 13,850/mt on Tuesday. The contract surged to RMB 14,030/mt following rumors that Weiqiao Group would cut aluminum production by 250,000 mt, but then fell back as longs took profit. Finally, SHFE 1708 aluminum ended at RMB 13,995/mt. Trading volumes increased to 281,798 lots, and positions increased 5,420 lots to 227,922 lots. The 250,000 mt cut is small in relation to Weiqiao Group’s operational capacity of 8.5 million mt. SHFE 1708 aluminum will struggle around RMB 14,000/mt during today’s night session.
