SHANGHAI, May 18 (SMM) – The most active SHFE aluminum contract for August delivery opened at RMB 15,970/mt and closed up RMB 140/mt or 0.88% at RMB 16,040/mt, as a rebound in the Shanghai Composite Index helped it end the nearly two-week losing streak. Positions dropped 5,560 lots to 92,338 lots and transacted contracts lost 1,908 lots to 12,118 lots. Resistance at the 10-dat moving average has yet to be tested after its breakthrough of the 5-day moving average.
Spot aluminum traded at RMB 15,960-15,990/mt in Shanghai, at discounts of RMB 10-40/mt over the current-month aluminum price. The trading range in Wuxi is RMB 15,990-16,010/mt and is RMB 15,980-16,000/mt in Hangzhou. Some goods held quotations firm, but as the traded volume dropped due to the prevailing bearish sentiment downstream, spot prices also slipped.