SHANGHAI, May 18 (SMM) –Last Friday, SHFE 1507 aluminum contract moved lower in the morning session, but bounced back to RMB 13,360/mt in the afternoon. The contract ended at RMB 13,335/mt. Trading volumes totaled 25,600 lots, and positions were up 38 to 132,026.
Spot aluminum largely traded between RMB 13,060-13,070/mt in Shanghai last Friday, discounts of RMB 100-110/mt over SHFE 1505 aluminum contract, versus RMB 13,040-13,060/mt in Wuxi, and RMB 13,090/mt in Hangzhou. Spot discounts continued narrowing since the delivery date of SHFE 1505 aluminum contract is nearing. Demand picked up before the weekend. In the afternoon, suppliers held back out of bullishness after SHFE aluminum rallied, leaving trading quiet.