SHANGHAI, Apr. 15 (SMM) – The US announced last Friday that its retail sales in March fell unexpectedly by 0.4% MoM. Besides, the University of Michigan Consumer Sentiment Index in April also dropped from the previous month and missed forecasts. Theses disappointing economic figures fueled concerns over the US economic growth and triggered sell-off of commodities during the European session. In response, LME aluminum tumbled to the lowest since August 2012 at USD 1,852/mt. Finally, LME aluminum ended the day down 2.15% at USD 1,855.3/mt. Latest LME aluminum inventories increased 2,650 mt to 5,194,750 mt.
LME aluminum should stabilize at USD 1,850/mt on Monday, with prices between USD 1,850-1,880/mt. SHFE 1306 aluminum contract is expected to open lower at RMB 14,600/mt and move in a RMB 14,550-14,650/mt range. In spot market, spot discounts are expected to narrow to RMB 0-40/mt as SHFE 1305 aluminum contracts will become the new current-month contract tomorrow and as SHFE aluminum will fall sharply. Overall trading will be light.