SHANGHAI, Jun. 12 (SMM) – Three-month aluminum on the London Metal Exchange climbed to USD 1,906/mt after opening USD 1,896.5/mt on Wednesday. The light metal, however, closed at an intraday low of USD 1,866/mt, down USD 30/mt as the World Bank revised down its forecast for this year’s global economic growth to 2.8%. Trading volumes gained 687 lots to 16,294 lots, with positions up 946 lots to 911,254 lots.
On Wednesday night, SHFE 1408 aluminum contract crept higher to RMB 13,630/mt after starting at RMB 13,580/mt. Nevertheless, the most active contract retreated to RMB 13,540/mt before finishing the night session at RMB 13,580/mt. Trading volumes totaled 76,506 lots, with positions off 2,746 lots to 179,698 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,520-13,600/mt on Thursday. In China’s physical market, spot discounts of RMB 80-120/mt are expected over SHFE 1406 aluminum contract.