SHANGHAI, Aug. 14 (SMM) – Three-month aluminum on the London Metal Exchange dropped to USD 2,027.3/mt after opening at USD 2,050/mt on Wednesday. The price decline was the result of downbeat Chinese economic data and US retail sales hitting a 6-month low in July. Finally, the light metal closed USD 18.5/mt lower at USD 2,032/mt. Trading volumes were down 717 lots to 10,764 lots, with positions also down 9,165 lots to 923,912 lots.
On Wednesday night, SHFE 1410 aluminum contract dipped to RMB 14,095/mt after starting at RMB 14,145/mt, and finished the night session at RMB 14,115/mt. Trading volumes totaled 49,090 lots, with positions down 56 lots to 144,092 lots.
Negative economic data are likely to send the most active SHFE aluminum contract down to RMB 14,070-14,130/mt on Thursday. In China’s physical market, spot aluminum should trade RMB 0-40/mt below SHFE 1408 aluminum contract.