SHANGHAI, May 15 (SMM) – SHFE 1707 aluminum rose to RMB 14,025/mt after opening at RMB 13,875/mt on Monday, but then fell back to RMB 13,970/mt as longs took profit at highs. The contract finally ended at RMB 13,985/mt, with trading volumes down to 191,484 lots, and positions down 3,398 lots to 255,472 lots.
SHFE 1705 aluminum closed at RMB 13,870/mt, with settlement price at RMB 13,840/mt and delivery volume at 81,750 mt.
May 15 is the deadline for provincial governments to submit results for checks on illegal aluminum capacity. This gave a boost to SHFE aluminum. SHFE 1707 aluminum should hover around RMB 14,000/mt in the near term.