SHANGHAI, May 14 (SMM) –China’s April industrial output, fixed asset investment and retail sales data all missed forecasts, raising hopes for more stimulus. In this context, SHFE 1507 aluminum contract moved sideways for most of the day. The contract, though, rose to RMB 13,395/mt towards the close of the afternoon session before ending Wednesday at RMB 13,380/mt. Trading volumes totaled 26,398 lots, and positions were up 1,908 to 133,478. Prices might challenge resistance at RMB 13,400/mt.
Spot aluminum largely traded between RMB 13,070-13,080/mt in Shanghai on Wednesday, discounts of RMB 140-150/mt over SHFE 1505 aluminum contract, versus RMB 13,050-13,080/mt in Wuxi, and RMB 13,090-13,100/mt in Hangzhou. Some suppliers decided not to sell until after the delivery date of SHFE 1505 aluminum contract. Traders were active in the market, while processors were cautious about buying. In the afternoon, suppliers held back goods out of bullishness after SHFE aluminum drifted higher.
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