SHANGHAI, Apr. 21 (SMM) – LME aluminum opened higher at USD 1,826/mt on Monday, buoyed up by China’s RRR cuts. But prices slipped during Asian trading session as falling Chinese A share soured sentiment. The light metal rose to USD 1,838/mt heading into the European session, but fell again later to USD 1,808/mt as the US dollar strengthened before ending at USD 1,814.5/mt. Trading volumes fell 3,586 lots to 11,505 lots, with positions down 3,959 to 769,972.
On Monday night, SHFE 1506 aluminum contract dropped to RMB 13,065/mt after starting at RMB 13,100/mt. The most active contract ended the night session at RMB 13,075/mt. Trading volumes totaled 5,930 lots, with positions down 274 to 114,982.
The most active SHFE aluminum contract should remain weak between RMB 13,050-13,100/mt on Tuesday, due to exit of bulls overnight. In China’s spot market, demand will remain poor, with spot discounts of RMB 80-120/mt expected over SHFE 1505 aluminum contract.
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