SHANGHAI, Jun. 3 (SMM) – Mixed economic data released and risk aversion ahead of the weekend caused the three-month aluminum on London Metal Exchange to hit a high of USD 1,860/mt last Friday before falling back. The prices then hovered at USD 1,839/mt on Monday with Chinese market closing for the country’s Dragon Boat Festival. Economic indicators from the US were upbeat on Monday, turning investors optimistic towards May’s nonfarm payroll data. In response, LME three-month aluminum touched a high of USD 1,860/mt before closing Monday out at USD 1,850/mt. Trading volumes increased 3,553 lots to 12,371 lots, and positions fell 12,700 lots to 897,265 lots.
SHFE night session was closed on Friday for the Chinese Dragon Boat Festival.
SHFE most active aluminum contract may trade at RMB 13,500-13,600/mt on Tuesday, and spot aluminum will be offered at discount of RMB 60-100/mt against the SHFE front-month aluminum contract prices.