SHANGHAI, Mar. 21 (SMM) – LME aluminum closed down USD 25/mt or 1.1% at USD 2,254/mt after founding its low at USD 2,237/mt. The metal moved mainly against the US dollar index, which climbed but fell later. Latest LME aluminum stocks surged 13,000 mt to 5,081,950 mt.
While the Greek debt crisis has temporarily eased and US economic data is improving, worries towards US economic recovery stay. In addition, the euro has strengthened for 5 consecutive days against the US dollar. SMM expects LME aluminum to stay between USD 2,240-2,290/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 will continue struggling at RMB 16,000/mt in the face of high stocks and weak demand. Spot discounts over the SHFE current-month aluminum price are expected to be RMB 30-80/mt.