SHANGHAI, Mar. 9 (SMM) – Despite the climbing Shanghai Composite Index, the most active SHFE aluminum contract for May delivery closed lower at RMB 16,140/mt on Thursday due to stop-loss of longs. Transacted contracts dropped to 3,098 lots while positions fell 288 lots to 51,190 lots. SMM expects the contract to move in the narrow range between the 5-day and 30-day moving averages.
Spot aluminum traded between RMB 15,900-15,930/mt in Shanghai, at discounts of RMB 40-70/mt over the SHFE current-month aluminum price. Low-iron aluminum traded between RMB 16,000-16,020/mt. Spot aluminum prices in Wuxi were between RMB 15,900-15,930/mt. After the high-end of SHFE aluminum prices climbed slightly, deals increased, but stayed light due to excessive supply.