SHANGHAI, Feb. 28 (SMM) – Following the G20 failure to reach an agreement on euro zone aid and the drop of New York crude from a recent high, LME three-month aluminum closed down slightly by USD 3.3/mt or 0.14% at USD 2,318/mt on Monday. The metal only hit USD 2,339/mt with the help of better than expected US pending home sales data for January.
With a slightly bearish market sentiment, LME three-month aluminum is expected to move between USD 2,280-2,330/mt during today’s trading as it struggles at USD 2,300/mt. The most active SHFE aluminum contract for delivery in May is expected to see light trading as it wavers between RMB 16,200-16,280/mt. Spot aluminum is expected to trade at discounts of RMB 120-180/mt over the SHFE current-month aluminum price. The metal is not likely to break through RMB 15,900/mt in the near term given an even weaker demand at month’s end.