SHANGHAI, Jul. 11 (SMM) – Three-month aluminum on the London Metal Exchange tumbled to USD 1,904.3/mt on Thursday as financial crisis of Portugal’s largest bank spooked investors. The light metal, however, rebounded to close at USD 1,925/mt following data that showed US initial jobless claims dropped to 304,000 last week. Trading volumes contracted 307 lots to 12,878 lots, with positions up 3,395 lots to 89,475 lots.
On Thursday night, SHFE 1409 aluminum contract slipped to RMB 13,580/mt after starting at RMB 13,600/mt, and finished the night session at RMB 13,640/mt. Trading volumes totaled 14,830 lots, with positions down 952 lots to 154,542 lots.
The most active SHFE aluminum contract should fluctuate between RMB 13,600-13,650/mt on Friday. In China’s physical market, spot discounts of RMB 50-90/mt are expected over SHFE 1407 aluminum contract.