SHANGHAI, May 11 (SMM) –SHFE 1507 aluminum contract was range-bound last Friday since both longs and shorts were cautious. The contract opened at RMB 13,490/mt and ended at RMB 13,455/mt. Trading volumes totaled 59,728 lots, and positions were down 14,244 to 136,138.
Spot aluminum largely traded between RMB 13,140-13,160/mt in Shanghai last Friday, discounts of RMB 190-210/mt over SHFE 1505 aluminum contract, versus RMB 13,110-13,140/mt in Wuxi, and RMB 13,170-13,180/mt in Hangzhou. Suppliers were eager to sell, but bought in small amounts. In the afternoon, suppliers held offers at RMB 13,140-13,150/mt, but trading was light.
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