SHANGHAI, Mar. 20 (SMM) – LME three-month aluminum closed at USD 2,281/mt, a recent high on Monday as progress in Greek debt strengthened the euro to boost investor confidence. 8,713 lots of contracts were transacted while positions dropped 3,406 lots to 722,042 lots. LME aluminum stocks stayed above 5 million mt, though.
Commodities have stepped in a downward track as the Greek debt crisis has temporarily settled down and US officials showed confidence in recovery of its economy. As such, SMM expects LME three-month aluminum to test resistance at USD 2,300/mt and move between USD 2,250-2,300/mt during today’s trading. The most active SHFE aluminum contract for May delivery is expected to move between RMB 16,140-16,220/mt. Spot aluminum may test resistance at RMB 16,000/mt.