SHANGHAI, May 21 (SMM) – The most active SHFE aluminum contract opened at RMB 16,020/mt and settled up RMB 20/mt or 0.13% at RMB 16,020/mt. Its moving band was RMB 16,000-16,065/mt. Strong support was found at RMB 16,000/mt. Resistance at the 10-day moving average also remained strong though. Total transacted contracts of the day were only 8,332 lots.
Spot aluminum traded at RMB 15,990-16,020/mt in Shanghai, at discounts of RMB 10-40/mt over the current-month SHFE aluminum price. The trading band in Wuxi is RMB 16,010-16,030/mt and is RMB 16,000-16,020/mt in Hangzhou. The current-month SHFE aluminum contract stabilized above the 5-day moving average and trading activities were little changed. The mainstream traded price struggled at RMB 16,000/mt. Some quality ingots were traded at higher prices but also saw deals below RMB 16,000/mt. Stock replenishment demand appeared ahead of weekend but was weak. There were still buyers standing on the sidelines.
