SHANGHAI, May 7 (SMM) –SHFE 1507 aluminum contract fell back after rising to RMB 13,600/mt on Wednesday morning. Prices followed SHFE nickel and tin up to RMB 13,610/mt in the afternoon, but fell back immediately. Finally, the contract ended at RMB 13,580/mt. Trading volumes totaled 133,430 lots, and positions were up 17,152 to 162,078.
Spot aluminum largely traded between RMB 13,230-13,240/mt in Shanghai on Wednesday, discounts of RMB 170-200/mt over SHFE 1505 aluminum contract, versus RMB 13,200-13,240/mt in Wuxi, and RMB 13,260-13,280/mt in Hangzhou. SHFE 1505 aluminum contract rose sharply, encouraging sellers in spot market to demand higher prices. Higher offers depressed buying, forcing sellers to cut offers later. In the afternoon, sellers raised offers by RMB 10/mt after SHFE aluminum rose, with a few deals reported.