SHANGHAI, Jul. 18 (SMM) –Fed Chairman Bernanke said any decision to reduce debt-buying program will depend on how the economy and labor market perform. LME aluminum jumped to USD 1,827/mt after opening at USD 1,814/mt, but then pulled back to USD 1,800/mt due to a strengthening US dollar. Finally, LME aluminum ended the day down USD 10/mt or 0.55% at USD 1,804/mt. Trading volumes increased 1,595 lots to 11,035 lots, but positions decreased 29,175 lots to 739,000 lots. LME aluminum inventories added 13,400 mt to 5,486,100 mt.
LME aluminum will move higher after a low opening on Thursday, with support at USD 1,800/mt. SHFE 1310 aluminum contract is expected to slid to RMB 14,250/mt after opening lower at RMB 14,300/mt, meeting resistance at the 5-day moving average. Spot discount of RMB 0-20/mt and premium of RMB 0-20/mt are expected over SHFE 1308 aluminum contract prices.