SHANGHAI, Jul. 30 (SMM) – The US National Association of Realtors announced Monday that pending home sales index fell 0.4% MoM to 110.9 in June, better than the forecasted 1% decline. However, markets are cautious ahead of the US Federal Reserve meeting due later this week. LME aluminum hovered around USD 1,800/mt during the European session before closing at USD 1,801.5/mt, up USD 0.17%. Positions increased 2,801 lots to 740,160 lots. LME aluminum inventories decreased 7,000 mt to 5,476,175 mt.
Market caution will leave aluminum prices moving in a narrow range. LME aluminum will move within USD 1,780-1,820/mt on Tuesday, and SHFE 1310 aluminum contract will fluctuate between RMB 14,220-14,320/mt after opening at RMB 14,280/mt. In spot market, trading will be light due to the end-of-month liquidity crunch, with spot discount of RMB 0-20/mt and premium of RMB 0-20/mt expected over SHFE 1308 aluminum contract prices.