SHANGHAI, Apr. 20 (SMM) – The most active SHFE aluminum contract for July delivery opened lower at RMB 16,060/mt and recovered a little bit to settle at RMB 16,075/mt on Thursday, down RMB 35/mt or 0.22%. Transactions dropped 2,102 lots to 10,136 lots while positions added 2,668 lots to 67,014 lots. Strong resistance still exists at the 5-day moving average. Difference between the most actively traded and current-month contracts dipped to a new low of RMB 40/mt.
Spot aluminum traded between RMB 15,970-16,000/mt in Shanghai, at discounts of RMB 0-20/mt over the current-month SHFE aluminum contract which have been unable to break through the RMB 16,000/mt mark. Selling interest was high but buying stayed light in the face of weak demand.