SHANGHAI, Mar. 30 (SMM) – LME aluminum closed down USD 25.8/mt or 1.19% at USD 2,143/mt on Thursday, after hitting USD 2,130/mt, a new low since January 13, with weaker-than-expected economic data from the US and slowing Chinese demand. Transactions almost doubled to 15,620 lots as short capital poured into the market. The light metal, in contrast to its previous stability, was the worst performer among base metals during the day.
SMM expects LME aluminum to struggle at the USD 2,150/mt mark and move between USD 2,130-2,170/mt during today’s trading. The most active SHFE aluminum contract for June delivery is expected to hover between RMB 16,100-16,180/mt as most investors clear their positions ahead of the Qingming Festival. Despite low stock replenishing interest, spot discounts over the SHFE current-month aluminum price are expected to stay between RMB 0-40/mt as traders stick to their quotations.