SHANGHAI, May 29 (SMM) –SHFE 1508 aluminum contract was range-bound on Thursday and ended the day at RMB 13,175/mt. Trading volumes totaled 33,002 lots, and positions were up 8,676 to 123,802.
Spot aluminum largely traded between RMB 12,920-12,930/mt in Shanghai on Thursday, discounts of RMB 140-150/mt over SHFE 1506 aluminum contract, versus RMB 12,880-12,910/mt in Wuxi, and RMB 12,960-12,980/mt in Hangzhou. Aluminum prices continued falling, leaving sellers unwilling to sell. Some traders just finished delivery under term contracts, reducing market availability. The price decline slowed near lunchtime, so some traders and processors entered the market to make small-scale purchases. In the afternoon, wait-and-see sentiment dominated as SHFE 1506 aluminum contract moved sideways.