SHANGHAI, Apr. 9 (SMM) – A stronger euro against the US dollar helped drive LME aluminum up to USD 1,905.8/mt during early European session. However, LME aluminum later gave back gains on thin trading volumes and sell-off at highs. Finally, LME aluminum closed 0.16% higher at USD 1,892/mt. Latest LME aluminum inventories increased 175 mt to 5,212,975 mt.
Markets are eyeing China’s economic indicators for March. LME aluminum should continue to hover between the 5-day and 10-day moving averages, with prices between USD 1,880-1,900/mt on Tuesday. SHFE 1306 aluminum contract is expected to open at RMB 14,615/mt and move within RMB 14,595-14,670/mt. In spot market, spot discounts of RMB 30-70/mt are expected on growing oversupply pressure. Overall trading should be moderate.