SHANGHAI, May 5 (SMM) – Negative HSBC’s China manufacturing PMI and a lack of guidance from LME aluminum prevented SHFE aluminum from rising sharply. SHFE 1507 aluminum contract rose to RMB 13,465/mt after opening at RMB 13,400/mt. But prices fell to RMB 13,390/mt later before ending Monday at RMB 13,420/mt. Trading volumes totaled 44,714 lots, and positions were up 1,454 to 147,352.
Spot aluminum largely traded between RMB 13,180-13,200/mt in Shanghai on Monday, discounts of RMB 160-170/mt over SHFE 1505 aluminum contract, versus RMB 13,160-13,170/mt in Wuxi, and RMB 13,200-13,220/mt in Hangzhou. Restocking activity after the three-day May Day holiday pushed prices up. In the afternoon, sellers held back after SHFE aluminum fell at the tail of the session, leaving trading muted.
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