SHANGHAI, Jun. 30 (SMM) – Three-month aluminum on the London Metal Exchange slid to USD 1,886/mt after opening at USD 1,897/mt last Friday. The light metal rebounded to USD 1,899.8/mt in early European session, but then fell again to USD 1,881.8/mt before ending down USD 14/mt at USD 1,884/mt. Trading volumes contracted 2,650 lots to 6,800 lots, with positions off 286 lots to 897,000 lots.
Last Friday night, SHFE 1409 aluminum contract slipped to RMB 13,455/mt after starting at RMB 13,550/mt, and finished the night session at RMB 13,465/mt. Trading volumes totaled 21,416 lots, with positions up 4,780 lots to 149,690 lots.
The most active SHFE aluminum contract is expected to move lower to RMB 13,440-13,500/mt on Monday as bearish sentiment gathers pace. In China’s physical market, spot discounts of RMB 70-110/mt are expected over SHFE 1407 aluminum contract.