SHANGHAI, Aug. 6 (SMM) – The US service sector expanded at its fastest pace in a decade in July, boosting the US dollar. Market remained concerned that slowing Chinese economy will bite into demand for base metals. In this scenario, LME aluminum fell to USD 1,591.5/mt after opening at USD 1,615/mt on Wednesday. Finally, LME aluminum ended at USD 1,596/mt. Today will see the release of US initial jobless claims in the week ending August 1.
On Wednesday night, SHFE 1510 aluminum contract followed LME aluminum down to RMB 12,035/mt after opening at RMB 12,115/mt, and finished the night session at RMB 12,045/mt.
A stronger US dollar and slowing Chinese economy will cast a shadow on commodity market. LME aluminum should move at USD 1,590-1,610/mt on Thursday. SHFE 1510 aluminum contract might fluctuate between RMB 12,000-12,100/mt. In China’s spot market, supply/demand imbalance will leave spot discounts at RMB 30-50/mt over SHFE 1508 aluminum contract.
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