SHANGHAI, Apr. 8 (SMM) – LME aluminum moved lower to USD 1,819/mt last Friday on disappointing US March non-farm payrolls. On Monday, the light metal climbed to USD 1,843.8/mt after opening at USD 1,822/mt, but surrendered gains later in the day to close the day at USD 1,822/mt. Trading volumes dropped 3,774 lots to 13,205 lots, and positions also fell 170 lots to 865,107 lots.
Macro front will be quiet today. The most active SHFE aluminum contract should fluctuate between RMB 13,020-13,120/mt on Tuesday, testing support at the 20-day moving average. In China’s physical market, spot discounts of RMB 160-200/mt are expected over SHFE 1404 aluminum contract.