SHANGHAI, Jul. 8 (SMM) – Three-month aluminum on the London Metal Exchange slipped to USD 1,910.8/mt on Monday after opening at USD 1,920/mt. The light metal, however, rebounded afterwards to close at USD 1,921.3/mt. Trading volumes gained 3,230 lots to 8,344 lots, with positions down 5,256 lots to 899,478 lots.
On Monday night, SHFE 1409 aluminum contract climbed to RMB 13,655/mt after starting at RMB 13,605/mt, and finished the night session at RMB 13,615/mt. Trading volumes totaled 27,628 lots, with positions up 1,032 lots to 156,288 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,600-13,660/mt on Tuesday. In China’s physical market, spot discounts of RMB 40-70/mt are expected over SHFE 1407 aluminum contract.