SHANGHAI, Mar. 17 (SMM) – Chinese Premier Li Keqiang said the government will step up efforts to boost economy, cheering markets up. As such, LME aluminum rose to USD 1,786/mt. However, LME aluminum fell back to USD 1,763.5/mt later on discouraging US industrial output and New York Fed’s manufacturing index, as well as falling crude oil. Finally, LME aluminum ended Monday at USD 1,773.5/mt. Trading volumes decreased 1,947 lots to 8,845 lots, with positions up 1,824 to 84,672.
SHFE 1505 aluminum contract climbed above the 60-day moving average after starting Monday’s night session at RMB 13,080/mt, and ended at RMB 13,110/mt. Trading volumes totaled 17,366 lots, with positions up 3,266 to 113,134.
The most active SHFE aluminum contract should move between RMB 13,080-13,140/mt on Tuesday. In China’s spot market, demand will remain weak, with spot discounts of RMB 180-220/mt expected over SHFE front-month aluminum contract.