SHANGHAI, Apr. 15 (SMM) – On Monday, LME aluminum was range-bound after opening at USD 1,878/mt. The light metal closed the day up USD 1.5/mt at USD 1,879/mt. Trading volumes contracted 9,605 lots to 9,507 lots, but positions increased 13,523 lots to 893,999 lots.
On Monday night, SHFE 1406 aluminum contract hovered around RMB 13,240/mt for most of the night session after starting at RMB 13,230/mt, and finished the session at RMB 13,245/mt. Trading volumes totaled 8,984 lots, and positions added 216 lots to 124,440 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,210-13,260/mt on Tuesday. In China’s physical market, spot discounts of RMB 100-140/mt are expected over SHFE 1404 aluminum contract.