SHANGHAI, May 4 (SMM) – SHFE aluminum contract for August delivery turned the most active one and closed up RMB 75/mt or 0.46% at RMB 16,345/mt on Thursday, in contrast with losses of other base metals. The light metal opened higher at RMB 16,310/mt and found its high at RMB 16,425/mt, before paring gains due to profit taking by longs. Positions of the contract surged 11,500 lots to 71,890 lots. Given strong support showed at RMB 16,300/mt, the contract is likely to test RMB 16,400/mt in the near term.
Spot aluminum prices climbed to RMB 16,150-16,180/mt in Shanghai, but discounts of RMB 0-30/mt over the current-month SHFE aluminum price were still seen on account of weak demand. Trading was light as buyers and sellers split.