SHANGHAI, Jun. 5 (SMM) –On Thursday, SHFE 1508 aluminum contract rebounded to RMB 13,130/mt after opening at RMB 13,100/mt. But the light metal followed other base metals down in the afternoon to RMB 13,080/mt before ending at RMB 13,105/mt. Trading volumes totaled 29,702 lots, and positions were down 2,458 to 132,794. Prices will test support at RMB 13,000/mt due to negative technical side and strong bearishness.
Spot aluminum largely traded between RMB 12,920-12,930/mt in Shanghai on Thursday, discounts of RMB 80-90/mt over SHFE 1506 aluminum contract, versus RMB 12,900-12,920/mt in Wuxi, and RMB 12,940-12,950/mt in Hangzhou. Aluminum prices showed no signs of a turnaround. Downstream producers continued to restock only as needed. In the afternoon, some cut offers slightly after SHFE aluminum fell, and a few traders went bargain hunting.