SHANGHAI, Apr. 1 (SMM) – The US dollar index rose on positive US economic data. The euro and crude oil fell due to Greece debt issue and nuclear talks in Iran. LME aluminum climbed to USD 1,807.5/mt, but then fell back to USD 1,781.5/mt before ending at RMB 1,785/mt. Trading volumes increased 2,329 lots to 12,136 lots, with positions up 775 to 810,882.
SHFE 1506 aluminum contract inched up after starting Tuesday’s night session at RMB 13,360/mt, and closed at RMB 13,370/mt. Trading volumes totaled 11,294 lots, with positions down 50 to 126,596.
HSBC will release China’s March manufacturing PMI today, which is expected to be negative. The most active SHFE aluminum contract should move between RMB 13,330-13,390/mt on Wednesday. In China’s spot market, optimism is growing, with spot discounts of RMB 150-190/mt expected over SHFE front-month aluminum contract.