SHANGHAI, May 21 (SMM) –The US dollar pared gains after US Federal Reserve minutes showed policy makers deemed it premature to raise interest rates in June. Gold and crude oil rebounded. LME aluminum rose to USD 1,801.5/mt after opening at USD 1,797.5/mt on Wednesday. But prices fell back to USD 1,780/mt later on worries over oversupply pressures and negative technical side, and finally closed at USD 1,781.5/mt. Trading volumes were down 3,919 lots to 12,518 lots, and positions were down 10,220 to 784,892.
On Wednesday night, SHFE 1507 aluminum contract rose to RMB 13,215/mt after starting at RMB 13,185/mt, and ended the night session at RMB 13,210/mt. Trading volumes totaled 4,656 lots, and positions were down 596 to 115,802.
HSBC’s flash China manufacturing PMI for May will be eyed today. SHFE 1507 aluminum contract should range RMB 13,170-13,220/mt on Thursday. In China’s spot market, buying interest of traders will cool, with spot discounts of RMB 110-150/mt expected over SHFE 1506 aluminum contract.