SHANGHAI, Jul. 10 (SMM) – Three-month aluminum on the London Metal Exchange jumped to USD 1,959/mt on Wednesday after opening at USD 1,937/mt as minutes of the Fed’s June meeting hinted no early interest rate hike. Prices, however, gave back gains later in the day due to profit taking at highs, closing at RMB 1,931.8/mt. Trading volumes contracted 2,136 lots to 13,185 lots, with positions also down 6,458 lots to 891,390 lots.  

On Wednesday night, SHFE 1409 aluminum contract hit a 1-month high of RMB 13,760/mt after starting at RMB 13,710/mt, but then fell back to finish the night session at RMB 13,635/mt. Trading volumes totaled 36,208 lots, with positions up 1,794 lots to 159,610 lots.   

China’s trade data will be in focus today. The most active SHFE aluminum contract should fluctuate between RMB 13,580-13,650/mt on Thursday. In China’s physical market, spot discounts of RMB 40-80/mt are expected over SHFE 1407 aluminum contract.