SHANGHAI, Jun. 20 (SMM) – Three-month aluminum on the London Metal Exchange slipped to USD 1,866/mt after opening at USD 1,871.8/mt on Thursday. The light metal, however, then bounced back to USD 1,891.8/mt before ending up USD 17.3/mt at USD 1,888.3/mt. Trading volumes dropped 828 lots to 8,788 lots, with positions up 3,459 lots to 890,230 lots.
On Thursday night, SHFE 1408 aluminum contract moved lower after a high opening, with prices still hovering below RMB 13,500/mt. Trading volumes and positions totaled 29,000 lots and 139,000 lots, respectively.
The most active SHFE aluminum contract should fluctuate between RMB 13,450-13,500/mt on Friday. In China’s physical market, spot discounts of RMB 80-120/mt are expected over SHFE 1407 aluminum contract.