SHANGHAI, Apr. 28 (SMM) – LME aluminum opened at USD 1,878/mt last Friday. Positive US retail sales for March and the university of Michigan’s final index of consumer sentiment for April were overshadowed by escalation of the Ukraine crisis, sending LME aluminum down to USD 1,848/mt. The light metal closed the day down USD 21.2/mt at USD 1,857.3/mt. Trading volumes increased 243 lots to 10,822 lots, and positions also added 218 lots to 874,149 lots.
Last Friday night, SHFE 1407 aluminum contract slipped to RMB 13,500/mt after starting at RMB 13,570/mt, and finished the night session at RMB 13,540/mt. Trading volumes totaled 17,268 lots, and positions contracted 298 lots to 116,516 lots.
The most active SHFE aluminum contract is expected to fluctuate between RMB 13,500-13,600/mt on Monday. In China’s physical market, cargo holders will hold back goods at lows, which will narrow spot discounts over SHFE 1405 aluminum contract to RMB 20-60/mt.