SHANGHAI, Apr. 7 (SMM) –SHFE 1506 aluminum contract hovered above the 5-day moving average after starting last Thursday’s night session at RMB 13,365/mt, and closed at RMB 13,375/mt. Trading volumes totaled 5,178 lots, with positions down 280 to 128,122.
Investors are stayed cautious last Friday since the LME was closed and ahead of the release of US non-farm payrolls. As such, June aluminum on the SHFE moved sideways before ending at RMB 13,375/mt. Trading volumes dropped by 9,902 lots to 17,410 lots, and positions also fell by 2,994 to 125,408.
Spot aluminum largely traded between RMB 13,280-13,290/mt in Shanghai last Friday, discounts of RMB 110-120/mt over SHFE 1504 aluminum contract, versus RMB 13,270-13,280/mt in Wuxi, and RMB 13,330-13,340/mt in Hangzhou. Suppliers were eager to sell before the upcoming Tomb Sweeping holiday, but traders and processors showed little buying interest. In the afternoon, some went bargain hunting.