SHANGHAI, Apr. 18 (SMM) – LME aluminum drifted lower to USD 1,855.5/mt after opening at USD 1,872.8/mt on Thursday as the greenback gained some ground and investors closed long positions ahead of the Good Friday. The light metal ended down USD 6/mt at USD 1,866/mt. Trading volumes dropped 6,629 lots to 9,314 lots, and positions also fell 7,054 lots to 869,411 lots.
On Thursday night, SHFE 1406 aluminum contract inched down to RMB 13,175/mt after starting at RMB 13,230/mt, and finished the night session at RMB 13,205/mt. Trading volumes totaled 4,800 lots, and positions contracted 214 lots to 117,826 lots.
LME is closed today for the Good Friday. Without guidance from LME aluminum, the most active SHFE aluminum contract should fluctuate in a tight RMB 13,200-13,240/mt range on Friday. In China’s physical market, spot discounts of RMB 120-160/mt are expected over SHFE 1405 aluminum contract.