SHANGHAI, Jun. 26 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,896/mt on Wednesday. Prices advanced to USD 1,912/mt, but then retreated to USD 1,899/mt as the US economy shrank faster than estimated in Q1 and the country’s durable goods orders fell in May. Finally, three-month aluminum on the LME ended at USD 1,899.5/mt. Trading volumes gained 3,281 lots to 14,305 lots, with positions up 8,778 lots to 894,000 lots.
On Wednesday night, SHFE 1409 aluminum contract moved higher after starting at RMB 13,520/mt, and finished the night session at RMB 13,580/mt. Trading volumes totaled 12,152 lots, with positions up 2,208 lots to 133,356 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,550-13,600/mt on Thursday. In China’s physical market, spot discounts of RMB 70-110/mt are expected over SHFE 1407 aluminum contract.