SHANGHAI, May 8 (SMM) –SHFE 1507 aluminum contract fell to hover around the 5-day moving average on Thursday morning as bulls withdrew, and inched up in the afternoon as bears exited. Finally, the contract ended at RMB 13,460/mt. Trading volumes totaled 72,870 lots, and positions were down 11,696 to 150,382.
Spot aluminum largely traded between RMB 13,140-13,160/mt in Shanghai on Thursday, discounts of RMB 180-200/mt over SHFE 1505 aluminum contract, versus RMB 13,100-13,130/mt in Wuxi, and RMB 13,160-13,170/mt in Hangzhou. SHFE 1505 aluminum contract gave back most of previous day’s gains, turning market players in spot market bearish. Sellers were anxious to sell, but buyers sat tight, sending prices down. In the afternoon, market turned quiet.