SHFE Aluminum Rebounds on Positive China Manufacturing PMI (May 21, 2015)

SHANGHAI, May 21 (SMM) – HSBC’s flash China manufacturing PMI, though still below 50, rose from April to 49.1 in May. This helped push SHFE 1507 aluminum contract up to RMB 13,225/mt during Thursday’s morning session. The light metal followed other base metals up further to RMB 13,275/mt in the afternoon before ending at RMB 13,245/mt. Trading volumes totaled 16,286 lots, and positions were down 3,200 to 113,198. There is little room for prices to rise further due to strong resistance at the upper end.