SHANGHAI, Mar. 10 (SMM) – Euro zone economic data were mixed overnight. US LMCI index fell, but had little impact on the market. The US dollar index stopping rising, allowing base metals to rise across the board. However, LME aluminum rose slower than other base metals. The light metal briefly touched USD 1,767/mt after opening at USD 1,778/mt, and ended up USD 4/mt at USD 1,786/mt. Trading volumes decreased 177 lots to 11,214 lots, with positions down 3,947 to 822,139.
SHFE 1505 aluminum contract started Monday’s night session at RMB 12,925/mt. The most active contract rose to RMB 12,995/mt before closing at RMB 12,950/mt. Trading volumes totaled 14,834 lots, with positions down 2,402 to 123,804.
China’s PPI and CPI will be released today. Tthe most active SHFE aluminum contract should range RMB 12,910-12,960/mt on Tuesday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 100-140/mt over SHFE 1503 aluminum contract.