SHANGHAI, May 5 (SMM) –On Monday night, SHFE 1507 aluminum contract fell to RMB 13,390/mt after starting at RMB 13,440/mt. But prices rallied later before finishing the night session at RMB 13,420/mt. Trading volumes totaled 9,996 lots, and positions were down 236 to 147,116.
Negative result of HSBC’s China manufacturing PMI might trigger selloff, which will send SHFE 1507 aluminum contract down to RMB 13,400-13,450/mt on Tuesday. In China’s spot market, demand will be weak, with spot discounts of RMB 150-190/mt expected over SHFE 1505 aluminum contract.