SHANGHAI, Jun. 19 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,850.5/mt on Wednesday before rising to USD 1,878/mt as the US Federal Reserve stayed the course on rates. The light metal closed the day up USD 18/mt at USD 1,878/mt.
On Wednesday night, SHFE 1408 aluminum contract started at RMB 13,455/mt, and finished the night session at RMB 13,470/mt. Trading volumes totaled 39,768 lots, with positions up 1,076 lots to 143,414 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,450-13,510/mt on Thursday. In China’s physical market, spot discounts of RMB 80-120/mt are expected over SHFE 1407 aluminum contract.