SHANGHAI, May 27 (SMM) –SHFE 1508 aluminum contract retreated from the 60-day and 5-day moving averages on selloffs at highs on Tuesday. The contract ended at RMB 13,250/mt. Trading volumes totaled 19,866 lots, and positions were up 5,694 to 109,448.    

 

Spot aluminum largely traded between RMB 13,000-13,020/mt in Shanghai on Tuesday, discounts of RMB 140-160/mt over SHFE 1506 aluminum contract, versus RMB 12,980-13,000/mt in Wuxi, and RMB 13,030-13,050/mt in Hangzhou. SHFE 1506 aluminum contract rebounded, but spot aluminum was resistant to rises, causing spot discounts to widen. Traders in Shanghai went bargain hunting. Trading in Wuxi remained thin. In the afternoon, few deals were reported.