SHANGHAI, Mar. 18 (SMM) – LME aluminum moved lower to USD 1,722/mt after opening at USD 1,741.3/mt on Monday due to escalation in the Ukraine crisis and concerns over Chinese economic growth. The light metal ended USD 17/mt or 0.98% lower at USD 1,722/mt. Trading volumes added 4,445 lots to 14,168 lots, while positions surged 23,545 lots to 814,095 lots.
SHFE 1406 aluminum contract hit a new low of RMB 13,030/mt after starting Monday’s night session at RMB 13,105/mt, and closed the session at RMB 13,035/mt. Trading volumes during the night hours totaled 7,068 lots, and positions added 1,974 lots to 111,922 lots.
Rampant bearish sentiment will drag the most active SHFE aluminum contract down to RMB 13,000-13,100/mt on Tuesday. In China’s physical market, spot discounts are expected between RMB 220-260/mt over SHFE 1404 aluminum contract prices.