SHANGHAI, Dec. 15 (SMM) – LME aluminum dropped to USD 1,936/mt after opening last Friday at USD 1,946.5/mt, as discouraging economic data flooded in. China reported a cool-down in the growth of its industrial value-added, urban fixed-asset investment and retail sales in November. US PPI was mild. Crude oil prices slumped again. Finally, LME aluminum ended at USD 1,941.5/mt. Trading volumes were down 2,169 lots to 12,036 lots, with positions up 914 lots to 845,247 lots. 

 

Last Friday night, SHFE 1502 aluminum contract climbed to RMB 13,465/mt after starting at RMB 13,385/mt as investors closed short positions. The most active contract finished the night session at RMB 13,395/mt. Trading volumes totaled 17,628 lots, with positions down 2,498 lots to 118,060 lots. 

 

The most active SHFE aluminum contract should move between RMB 13,350-13,400/mt on Monday. In China’s spot market, wait-and-see sentiment will dominate, with spot discounts of RMB 0-10/mt and premiums of RMB 0-30/mt expected over SHFE 1412 aluminum contract.