SHANGHAI, Jun. 6 (SMM) – On June 5, the euro experienced a roller coaster ride after the European Central Bank introduced a series of new accommodative policies. LME three-month aluminum prices thus rose above the 5-day moving average, but then edged lower since the US jobless claims last week increased. However, the prices bounced back soon and closed at USD 1,848/mt. Traded volumes and positions declined 2,345 lots and 1,208 lots, respectively.
SHFE 1408 aluminum contract prices opened at RMB 13,385/mt during night session Thursday, trended up before meeting resistance at RMB 13,425/mt. The most active aluminum contract finished the night session at RMB 13,405/mt. Trading volumes were 15,526lots, and positions increased 1,138 lots.
Prices for the most active SHFE aluminum contract may move between RMB 13,360-13,430/mt on Friday, and spot aluminum will be offered at discount of RMB 50-90/mt against the SHFE front-month aluminum contract prices.