SHANGHAI, Jun. 4 (SMM) – Market responded mildly to an uptick in China’s manufacturing PMI for May. The three-month aluminum on London Metal Exchange started at USD 1,849.3/mt on Tuesday and went higher to USD 1,858.8/mt before a slump. The low CPI growth in the euro zone caused LME three-month aluminum to dip as low as USD 1,830.3/mt. Later, upbeat US factory orders allow the prices to bounce back and close at USD 1,843/mt, down USD 7/mt. Trading volumes increased 1,161 lots, and positions grew 3,857 lots.
SHFE 1408 aluminum contract prices opened lower at RMB 13,440/mt at night session of Tuesday, and moved higher to RMB 13,495/mt. The prices closed the session out at RMB 13,485/mt. Traded volumes were 18,854 lots and positions increased by 942 lots to 136,020 lots.
SHFE most active aluminum contract may trade at RMB 13,450-13,520/mt on June4, and spot aluminum will be offered at discount of RMB 60-100/mt against the SHFE front-month aluminum contract prices.