SHANGHAI, Apr. 23 (SMM) – The US dollar index rallied to 98 on positive US housing data. Gold prices suffered selloffs. LME aluminum climbed to USD 1,825.5/mt after opening at USD 1,819/mt on Wednesday, but then took USD 1,804/mt, Finally, LME aluminum ended at USD 1,806.5/mt. Trading volumes fell 2,862 lots to 8,157 lots, with positions up 361 to 766,186.
On Wednesday night, SHFE 1507 aluminum contract rose to RMB 13,160/mt after starting at RMB 13,130/mt. The most active contract finished the night session at RMB 13,140/mt. Trading volumes totaled 6,690 lots, with positions up 866 to 118,666.
Markets are pessimistic over HSBC’s China manufacturing PMI due for release today, so the most active SHFE aluminum contract should remain weak between RMB 13,110-13,160/mt on Thursday. In China’s spot market, demand will remain slack, with spot discounts of RMB 90-130/mt expected over SHFE 1505 aluminum contract.